Reinstates automatic cost-of-living adjustments for retirement benefits of New Jersey state-administered retirement systems.
The bill 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.
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