BRICK, New Jersey.Restoring Cost-of-Living Adjustments (COLA) for New Jersey’s retired first responders, educators, and public servants is a key component of Republican gubernatorial candidate Rob Canfield’s campaign platform.
As part of statewide pension reforms intended to stabilize the underfunded pension system, then-Governor Chris Christie halted the COLA, which was intended to shield seniors from inflation, in 2011. For a long time, pensioners who are having a hard time keeping up with the rising cost of living have been upset about the suspension.
According to Canfield, retired teachers, police officers, firefighters, and other public servants in New Jersey have been watching their pensions depreciate for more than ten years as inflation threatens their financial stability. We must fulfill our commitment to them.
In order to finance COLA restoration, Canfield’s plan calls for reducing unnecessary state spending and what he refers to as useless pork projects. It also asks for conducting thorough audits of the pension fund to guarantee sound financial management.
Canfield went on to say that the pension system needs to be managed by fiduciaries who prioritize the needs of pensioners, guaranteeing more transparency and supervision.
