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S.2475

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·2/5/24
Introduced Text

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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Where it stands

Current
State Government, Wagering, Tourism & Historic Preservation Committee
Next
Session adjourned — paused until it reconvenes

Sponsors

D
1
0
Democratic CaucusRepublican Caucus

History

Feb 5, 2024

Senate

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee