GIVE RETIREES 5% COLA/FUNDS.

View NCGA Bill Details2019-2020 Session
Senate Bill 243 (Public) Filed Wednesday, March 13, 2019
AN ACT TO PROVIDE A COST-OF-LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM.
Intro. by Waddell, D. Davis, Smith.

Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Mar 14 2019)

Bill History:

S 243

Bill Summaries:

  • Summary date: Mar 13 2019 - More information

    Amends GS 135-5, concerning retirement benefits for teachers and state employees, adding new subsection (xxx), providing for cost-of-living increases of 5%.

    Amends GS 135-65, concerning retirement benefits for individuals in the consolidated judicial retirement system, adding new subsection (ii), providing for cost-of-living increases of 5%.

    Amends GS 120-4.22A, concerning retirement benefits for members of the legislative retirement system, adding new subsection (cc), providing for cost-of-living increases of 5%. 

    Appropriates $240 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2019-20 fiscal year and $240 million in recurring funds for the 2020-21 fiscal year to implement the cost-of-living adjustment authorized in this act.

    Effective July 1, 2019.


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