Bill Summaries: H1047 (2021)

  • Summary date: May 25 2022 - View summary

    Amends GS 135-5 (concerning the Teachers' and State Employees' Retirement System), GS 135-65 (concerning the Consolidated Judicial Retirement System), and GS 120-4.22A (concerning the Legislative Retirement System), to provide, from and after July 1, 2022, a 2.5% increase in the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2021, or a prorated amount for those whose retirement commenced after July 1, 2021, but before June 30, 2022, as determined by the respective Board of Trustees.

    Appropriates $127 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2022-23 fiscal year to implement the act. 

    Effective July 1, 2022.