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.
GIVE STATE RETIREES 2% COLA/FUNDS.
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| View NCGA Bill Details | 2023-2024 Session |
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 Gill, Wheatley, Penny.
Status: Ref to the Com on Appropriations, if favorable, Pensions and Retirement, if favorable, Rules, Calendar, and Operations of the House (House action) (Apr 5 2023)
H 566
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Bill H 566 (2023-2024)Summary date: Apr 4 2023 - View Summary
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