NJ S4556

Reinstates automatic cost-of-living adjustments (COLAs) for State Police Retirement System (SPRS) members who have been retired and receiving benefits for at least 10 years, with ordinary and accidental disability retirees also eligible after 10 years regardless of service time

COLAs for retirees with annual pensions up to $75,000 will be tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers, while those receiving above $75,000 annually will have adjustments capped at 1%

The $75,000 threshold will be adjusted annually based on CPI, capped at 3% per year, with all adjustments being cumulative year over year

Members hired more than 30 days after the bill's effective date are ineligible for these COLAs, and no retroactive payments will be made for the period before implementation

Requires the Legislature to appropriate General Fund monies for the COLAs, with this funding taking precedence over other legislative additions to the annual budget; the State Treasurer must implement the adjustments if the SPRS Board of Trustees fails to act within 6 months