NJ Top Court OK's State to Freeze Public Pension Adjustments

The New Jersey Supreme Court ruled on Thursday that the state's 2011 public pension reform did not improperly freeze retirees' cost-of-living increases in a case that could have cost the state billions of dollars.

Governor Chris Christie's administration suspended the so-called COLA payments, which are tied to inflation, as part of bipartisan reforms aimed at curtailing the ballooning cost of public pensions. (Reporting by Hilary Russ in New York Editing by W Simon)