Reinstates automatic COLAs for retirement benefits of certain PFRS members.

This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits of certain retired police and firefighters in New Jersey's Police and Firemen's Retirement System (PFRS). It applies specifically to members who have been retired and receiving benefits for at least 10 years, excluding those hired after the bill's effective date, those in deferred retirement, and those with 20-24 years of service. The COLAs are tied to the Consumer Price Index for Urban Wage Earners, with benefits up to $75,000 receiving full adjustment, while higher benefits are capped at a 1% annual increase. The $75,000 threshold will adjust annually based on inflation, and the bill requires the Legislature to appropriate funds to cover both state and local costs for these adjustments.