NJ S495

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 adjustments tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers

COLAs apply to annual pension benefits up to $75,000, with a maximum 1% adjustment for members receiving benefits exceeding $75,000; the $75,000 threshold will adjust annually by CPI up to 3%

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 the bill takes effect

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

Requires the Legislature to appropriate General Fund monies for these adjustments, with this funding taking precedence over other additions to the annual State budget