Reinstates automatic COLAs for retirement benefits of certain SPRS members.

This bill reinstates automatic cost-of-living adjustments (COLAs) for retirement benefits of State Police Retirement System (SPRS) members who have been retired and receiving benefits for at least 10 years. Eligible retirees with annual pension benefits up to $75,000 will receive annual COLAs tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers, while those with higher benefits will receive a maximum 1% adjustment. The $75,000 threshold will be adjusted annually based on the CPI, with a maximum 3% increase. The bill requires the Legislature to appropriate funds from the General Fund to cover these adjustments, which will take precedence over other budget items, and mandates the State Treasurer to implement COLAs if the SPRS Board fails to do so within six months.