NJ S1344

Creates a 10-member State Pension Cost of Living Reform Commission to examine reinstating cost of living adjustments (COLAs) for retirees and beneficiaries of State-administered defined benefit retirement systems

Commission membership includes the State Treasurer, Director of the Division of Pensions and Benefits, four gubernatorial appointees (no more than two from the same party), and four legislative appointees

Requires the commission to develop legislative recommendations within six months of its first meeting, including analysis of COLA reinstatement viability for each retirement system and for State and Local Parts separately

Commission must organize within 90 days of the bill's effective date, requires seven members for a quorum to vote, and may hold public hearings

The commission expires upon issuance of its final report to the Governor and Legislature