Senator Vince Polistina has introduced legislation in the New Jersey Senate to reinstate cost-of-living adjustments (COLA) for certain retirees within the State-administered Police and Fireman’s Retirement System (PFRS). The bill aims to address concerns about the diminishing value of fixed retirement incomes due to inflation and high living costs in New Jersey.
“This bill marks an important first step towards correcting a long-standing gap in support for our retired first responders,” stated Senator Polistina. “For far too long, retirees have watched the value of their fixed retirement income erode by inflation and the high cost of living in New Jersey. Reinstating COLAs is not just necessary—it’s the right thing to do, and it puts us on a reasonable path toward ensuring all public employees can retire with dignity and financial security.”
The proposed legislation, designated as S-4404 / A-5175, seeks to restore COLAs for annual, ordinary disability, and accidental disability pension benefits for PFRS members who have been retired and receiving benefits for at least ten years. The adjustment would apply only to future pension payments.
Eligible retirees under this legislation would receive a COLA on the first $75,000 of their pension, adjusted annually for inflation with a cap of 3%. Pension amounts exceeding $75,000 would be subject to a limited 1% adjustment. Additionally, surviving spouses, children, or other beneficiaries would also benefit from a COLA adjustment under this proposal.
Further details about the legislation are available online.
