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NJ S1448
Bill
Status
1/13/2026
Primary Sponsor
Joseph Cryan
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AI Summary
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Provides cost of living adjustments to retirees and beneficiaries in five New Jersey public pension systems (PERS, TPAF, PFRS, SPRS, and JRS) whose monthly benefits are at or below 150 percent of the federal poverty level for a single-person household.
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Adjustments would be granted only on January 1, 2023 and January 1, 2024, calculated at 100 percent of the Consumer Price Index change rather than the 60 percent previously provided under the pension adjustment law.
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Applies to the Teachers' Pension and Annuity Fund, Judicial Retirement System, Public Employees' Retirement System, Police and Firemen's Retirement System, and State Police Retirement System.
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Requires the State to fund all costs from the General Fund, with the Division of Pensions and Benefits certifying necessary amounts to the Division of Budget and Accounting for fiscal years 2023, 2024, and beyond.
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Allows eligible retirees or beneficiaries to voluntarily waive the increase by filing written notice at least 30 days before the desired effective date, with the option to withdraw the waiver at any time.
Legislative Description
Requires cost of living increase to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PERS, TPAF, PFRS, SPRS, and JRS; makes appropriation.
State Government, Wagering, Tourism & Historic Preservation
Last Action
Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
1/13/2026