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A2449

Requires cost of living increase to be granted in each of two State fiscal years when retirement allowance or benefit is below certain amount for retiree or beneficiary in PERS, TPAF, PFRS, SPRS, and JRS; makes appropriation.

Introduced·1/13/26
Introduced Text

New Jersey A2449 mandates a cost of living increase for retirees and beneficiaries in certain state pension systems if their benefits are below a.

New Jersey A2449 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 benefits are at or below 150 percent of the federal poverty level for a household of one. The increase is set to be granted in State Fiscal Year 2023 and State Fiscal Year 2024. The increase is calculated as 100 percent of the change in the Consumer Price Index.

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  • Overview
  • Core Provisions
  • Implementation
  • Impact
  • Legal Framework
  • Critical Issues

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Where it stands

Current
State and Local Government Committee
Next
Committee decision

Sponsors

DD
2
0
Democratic CaucusRepublican Caucus

History

Jan 13

Assembly

Introduced, Referred to Assembly State and Local Government Committee