NJ A4623

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, excluding members hired more than 30 days after the bill's effective date

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

The $75,000 threshold will increase annually based on CPI, capped at 3% per year, and all adjustments are cumulative year over year

Extends COLA eligibility to surviving spouses, children, and beneficiaries receiving pension or survivorship benefits from SPRS

Requires General Fund appropriations to cover COLA costs, with this funding taking precedence over other legislative additions to the state budget