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New Jersey S1491. Reinstates automatic COLA for retirement benefits of members of the State-administered retirement systems.
Bill Text (2024-01-09) Reinstates automatic COLA for retirement benefits of members of the State-administered retirement systems. [Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee]
10 lip 2024 · Restoring COLAs for all retired government workers would cost the state another $2 billion annually, according to recent Department of the Treasury estimates. The practice of shorting state pension payments wasn’t halted until the 2022 fiscal year, leaving the pension system with a significant unfunded liability.
25 wrz 2024 · Sweeney’s plan to reinstate COLAs, according to a release, is to use public assets like land, water utilities, and the Turnpike as “in-kind contributions” that would improve the state’s pension funding ratio.
5 lut 2024 · This bill would provide for a cost of living increase for certain retired public employees and their beneficiaries who are receiving monthly payments from the Teachers' Pension and Annuity Fund, Judicial Retirement System, Public Employees' Retirement System, Police and Firemen's Retirement System, and State Police Retirement System.
1 sty 2024 · The increase would be provided only to those retirees and beneficiaries who are currently receiving an amount that is at or below 150 percent of the federal poverty level as set for a household of one. The increase would be provided only on January 1, 2023 and January 1, 2024.
12 kwi 2022 · But as inflation has surged amid the COVID-19 pandemic — the 12-month rate reached nearly 8% as of the end of February, according to the latest data collected by the federal government — lawmakers have begun taking a new look at how frozen COLAs are affecting state pensioners.
