Reinstates automatic cost-of-living adjustments for retirement benefits in New Jersey.
New Jersey S1491 reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits under the “Pension Adjustment Act” for members of the Teachers’ Pension and Annuity Fund, the Judicial Retirement System, the Public Employees’ Retirement System, the Police and Firemen’s Retirement System, and the State Police Retirement System. COLAs protect retirement benefits against inflation, ensuring retirees and beneficiaries maintain their purchasing power. The bill amends existing statutes to reactivate the automatic COLAs that were previously cancelled.
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