NJ S4404

Reinstates automatic cost-of-living adjustments (COLAs) for Police and Firemen's Retirement System (PFRS) members who have been retired for at least 10 years, excluding those in deferred retirement, those who retired with 20-24 years of service, and new hires after the bill's effective date

COLAs for retirees with pension benefits up to $75,000 will be tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers, while those with benefits exceeding $75,000 will have adjustments capped at 1%

The $75,000 threshold will be adjusted annually based on CPI, with increases capped at 3% per year

Requires the State Legislature to appropriate funds from the General Fund to cover both State and local employer costs, with this appropriation taking precedence over non-emergency supplemental budget additions

If the PFRS Board of Trustees fails to implement the COLAs within six months, the State Treasurer becomes responsible for implementation