Bill Summary for H 930 (2023-2024)
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| View NCGA Bill Details | 2023-2024 Session |
AN ACT TO PROVIDE, AND APPROPRIATE FUNDS FOR, A COST-OF-LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, THE LEGISLATIVE RETIREMENT SYSTEM, AND THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM.Intro. by Logan, Butler, Gill, Majeed.
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Bill summary
Amends GS 135-5 (concerning the Teachers' and State Employees' Retirement System), GS 135-65 (concerning the Consolidated Judicial Retirement System), GS 120-4.22A (concerning the Legislative Retirement System), and GS 128-27 (concerning the Retirement System for Counties, Cities, and Towns) to provide, from and after July 1, 2024, a 3% increase in the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2023, or a prorated amount for those whose retirement commenced after July 1, 2023, but before June 30, 2024, as determined by the respective Board of Trustees.
Appropriates $231 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2024-25 fiscal year to implement the act.
Effective July 1, 2024.