N.J. Stat. § 43:13-22.54b: Increases in pension

Every person who is a retirant from a retirement system created pursuant to P.L.1964, c. 275 (C. 43:13-22.50 et seq.) or from a retirement system that has merged with that retirement system, and who is receiving a pension on the effective date of this act, shall have that pension increased by 1% for each full year that has elapsed since his retirement up to the effective date of this act.

Pension increases shall not be paid to retirants who are not receiving their regular, full, monthly pensions. The increase granted under the provisions of this act shall be effective only on the first day of a month, shall be paid in monthly installments, and shall not be decreased, revoked or repealed except as otherwise provided by law. No increase shall be due a retirant or his beneficiary unless it constitutes a payment for an entire month.

L.1984, c. 117, s. 1, eff. Aug. 8, 1984.