This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits of certain members of the State Police Retirement System (SPRS), specifically targeting those who have been retired for a minimum of ten years. It excludes members hired more than 30 days after the bill's effective date. The adjustments will be calculated based on an annual pension amount up to $75,000 for the first year following enactment, with subsequent adjustments tied to the Consumer Price Index (CPI) to ensure they are cumulative. For members with annual pension benefits exceeding $75,000, the adjustment will be capped at one percent for the first year.

Additionally, the bill modifies the authority of the Board of Trustees of the SPRS, allowing them to implement these automatic COLAs and set specific thresholds for adjustments. It establishes a process for adjusting the $75,000 threshold annually based on the CPI, with a maximum increase of three percent. If the Board does not comply with these provisions within six months, the State Treasurer is mandated to implement the necessary adjustments. The bill also requires the Legislature to appropriate funds from the General Fund to support these COLAs, prioritizing this funding over other budgetary allocations.

Statutes affected:
Introduced: 53:5A-30, 43:3B-2