New Jersey S2475 mandates a cost of living increase for retirees and beneficiaries in certain state retirement systems if their monthly payments are.
New Jersey S2475 requires a cost of living increase for retirees and beneficiaries in the Teachers' Pension and Annuity Fund, Judicial Retirement System, Public Employees' Retirement System, Police and Firemen's Retirement System, and State Police Retirement System if their monthly payments are at or below 150 percent of the federal poverty level for a household of one. The increase applies for two fiscal years, specifically January 1, 2023, and January 1, 2024.
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