BRICK, N.J. — Republican gubernatorial candidate Rob Canfield has pledged to restore Cost-of-Living Adjustments (COLA) for New Jersey’s retired first responders, teachers, and public employees, marking a central focus of his campaign platform.
COLA, designed to protect retirees from inflation, was suspended in 2011 under then-Governor Chris Christie as part of statewide pension reforms aimed at stabilizing the underfunded pension system. The suspension has long been a point of contention among retirees struggling with rising living costs.
“For over a decade, New Jersey’s retired teachers, police officers, firefighters, and other public servants have been forced to watch their pensions lose value while inflation erodes their financial security,” Canfield said. “It’s time we keep our promise to them.”
Canfield’s plan proposes funding COLA restoration by cutting what he calls “wasteful pork projects” and non-essential state spending, alongside implementing comprehensive audits of the pension fund to ensure responsible financial management.
“The pension fund must be run by fiduciaries who put the interests of retirees first,” Canfield added, promising increased oversight and accountability.
