NJ S2023

Provides cost of living adjustments (COLA) to retired members and beneficiaries of the New Jersey Police and Firemen's Retirement System (PFRS) on January 1 of the calendar year following enactment and again the following January 1, with the second-year adjustment continuing permanently thereafter.

Limits eligibility to those whose original retirement allowance, pension, or survivorship benefit was at or below 450% of the federal poverty level for a household of one (approximately $61,155 annually based on 2022 levels).

Requires non-disability retirees to be at least 62 years old by January 1 of the year following enactment, while disability retirees, surviving spouses, children, and beneficiaries qualify regardless of age.

Calculates adjustments using a tiered formula based on the Consumer Price Index for Urban Wage Earners (CPI-W) for the NY-Northeastern New Jersey region, with lower-income recipients receiving higher percentage adjustments (up to 150% of CPI-W) and a CPI-W cap of 3% and floor of 1%.

Appropriates funds from the State General Fund to cover all COLA costs and administrative expenses, as certified by the PFRS Board of Trustees to the Division of Budget and Accounting.