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Pensions and Benefits
RETIREMENT BENEFIT INFORMATION

Retirement Checks | Direct Deposit | Cost-of-Living Adjustments


RETIREMENT CHECKS, DIRECT DEPOSIT
AND ELECTRONIC FUND TRANSFER

START OR CHANGE DIRECT DEPOSIT

TAX INFORMATION


COST-OF-LIVING ADJUSTMENTS

SUSPENSION OF COST-OF-LIVING ADJUSTMENTS

Chapter 78, P.L. 2011, the Pension and Health Benefit Reform Law, suspended future Cost-of-Living Adjustments (COLA) for all retirees of all retirement systems. This suspension is effective for benefit payments made as of August 1, 2011.

It is important to note that the law does not reduce any COLA increases made to retiree benefits prior to the effective date of the law. The amount of money a retiree or benefit recipient currently receives each month will not be reduced by this law.

Chapter 78 also provides for the establishment of Pension Committees which may consider reinstating the COLA when the retirement systems reach “target funded ratios” established by the law. At that time, the Pension Committees are to give the reactivation of the COLA priority consideration.

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