Bill Summaries: H566 (2023-2024 Session)

  • Summary date: Apr 4 2023 - 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, 2023, a 2% increase in the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2022, or a prorated amount for those whose retirement commenced after July 1, 2022, but before June 30, 2023, as determined by the respective Board of Trustees.

    Appropriates $100 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for each of the 2023-24 and 2024-25 fiscal years to implement the act. 

    Effective July 1, 2023.