Establishes State Pension Cost of Living Reform Commission.

This bill establishes a 10-member State Pension Cost of Living Reform Commission to examine options for reinstating cost-of-living increases (COLAs) for state pension retirees and beneficiaries. The commission - comprising the State Treasurer, pension agency director, and appointed public members - will analyze the costs and feasibility of restoring COLAs for different pension systems (state vs. local parts) within six months. It will develop legislative recommendations for the Governor and Legislature on how to reinstate these increases, including separate cost analyses for each retirement system. The commission expires after submitting its final report.