BRICK,NJ- Rob Canfield, Republican candidate for Governor of New Jersey, has announced a cornerstone of his campaign platform: the restoration of Cost-of-Living Adjustments (COLA) for retired first responders, teachers, and other public employees relying on the state pension system. Canfield’s plan addresses a long-standing grievance of New Jersey’s retired workforce while ensuring fiscal responsibility and oversight.
A Brief History of COLA in New Jersey
COLA was designed to protect pensioners from inflation, ensuring that their retirement income maintained its purchasing power over time. However, in 2011, the New Jersey Legislature, under the administration of Governor Chris Christie, suspended COLA for retirees as part of broader pension reform measures. The decision was justified as necessary to stabilize the underfunded pension system but has left many retirees struggling to keep up 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. “These are the men and women who dedicated their lives to protecting our communities and educating our children. It’s time we keep our promise to them.”
Restoring COLA Through Responsible Budgeting
Under Canfield’s plan, COLA will be reinstated using funds redirected from wasteful pork projects and non-essential spending in the state budget.
“New Jersey doesn’t have a revenue problem; it has a spending problem,” Canfield said. “Millions of dollars are squandered every year on projects that don’t serve the people of this state. As Governor, I will conduct a line-by-line review of the budget to identify and eliminate these wasteful expenditures. Those funds will go directly to restoring COLA and ensuring the financial stability of our pension system.”
Accountability and Oversight
Canfield’s plan also includes comprehensive audits of the pension fund and its administrators to guarantee that the system is managed responsibly and transparently.
“The pension fund must be run by fiduciaries who put the interests of retirees first,” Canfield said. “We will implement regular audits of both the fund and the individuals managing it to ensure accountability and integrity. No more sweetheart deals, no more mismanagement, and no more excuses.”
A Commitment to New Jersey’s Retirees
Canfield’s proposal is more than a policy initiative; it is a commitment to the thousands of New Jerseyans who served their communities with honor and integrity.
“Restoring COLA isn’t just about dollars and cents; it’s about fairness and respect,” Canfield said. “First responders, teachers, and public employees were promised a secure retirement. As Governor, I will make sure we fulfill that promise and give them the financial security they deserve.”
To learn more about Rob Canfield’s plan to restore COLA and other proposals to improve New Jersey’s future, visit www.rob4nj.org.
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