This bill mandates a temporary benefit enhancement for retirees and beneficiaries of the Police and Firemen's Retirement System (PFRS) in New Jersey, specifically for those whose retirement allowance or benefit is at or below 450 percent of the federal poverty level as of January 1, 2024, and January 1, 2025. The enhancement will be a one-time payment of $1,000, distributed once in each of the State fiscal years 2025 and 2026. The payments will be made either as a separate payment or added to the monthly retirement allowance, pension, or benefit on December 1 of the respective years.

To fund these enhancements, the bill appropriates necessary amounts from the State General Fund to a separate non-lapsing account, which will be managed by the board of trustees of the PFRS. The board is responsible for certifying the required amount to the Director of the Division of Budget and Accounting for distribution. Additionally, the bill allows eligible individuals to waive their right to the temporary benefit enhancement by submitting a written notice to the board at least 30 days prior to the desired effective date.