Reinstates automatic COLA for retirement benefits of certain members of TPAF.

This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits for retired teachers in New Jersey's Teachers' Pension and Annuity Fund (TPAF) who accepted early retirement incentives before January 1, 2011. It specifically excludes all other TPAF members from receiving these automatic adjustments. The Board of Trustees of TPAF, working with the fund's actuary and State Treasurer, will implement these COLAs for future pension payments only, with no retroactive adjustments for past payments. This reverses a 2011 law that eliminated automatic COLAs for current and future retirees. The adjustment will help these specific retirees maintain purchasing power as inflation rises.