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Yes, the law requires the NJ Division of Pensions and Benefits to form Pension Committees. The committees will have authority to modify the pension plans. However, the committees will not have authority to change the number of years required for vesting.
The law also has suspended the Cost of Living Adjustments (COLAS) for current and future retirees. The provision does not reduce prior COLA amounts that were received by retirees. The COLA may be reactivated if and when the pension 30-year projected funding goals have been reached and sustained.