2% COLA FOR STATE RETIREES.

View NCGA Bill Details2021
Senate Bill 479 (Public) Filed Thursday, April 1, 2021
AN ACT PROVIDING A COST-OF-LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM; AND APPROPRIATING FUNDS TO ENACT THESE COST-OF-LIVING ADJUSTMENTS FOR STATE RETIREES.
Intro. by Woodard, Waddell.

Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Apr 5 2021)

Bill History:

S 479

Bill Summaries:

  • Summary date: Apr 1 2021 - More information

    Substantively identical to H 269, filed 3/10/21.

    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, 2021, a 2% increase in the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2020, or a prorated amount for those whose retirement commenced after July 1, 2020, but before June 30, 2021, as determined by the respective Board of Trustees.

    Appropriates $96 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for each of the 2021-22 and 2022-23 fiscal years to implement the act. 

    Effective July 1, 2021.


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