2.5% COLA FOR STATE RETIREES/FUNDS.

View NCGA Bill Details2021
House Bill 1047 (Public) Filed Wednesday, May 25, 2022
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 FOR THAT PURPOSE.
Intro. by Logan, Brown, Hunt, Clemmons.

Status: Ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House (House action) (May 26 2022)
H 1047

Bill Summaries:

  • Summary date: May 25 2022 - More information

    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.


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