House committee substitute makes the following changes to the 1st edition.
Amends the long title.
Deletes proposed amendments to GS 128-27 (regarding benefits under the retirement system for counties, cities, and towns).
RETIREMENT SYSTEMS 2% COLAS/FUNDS.
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AN ACT TO PROVIDE TWO PERCENT COST-OF-LIVING INCREASES FOR MEMBERS OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM.Intro. by Jordan, Hurley, Strickland, Malone.
Status: Re-ref Com On Appropriations (House Action) (Apr 5 2017)
Bill History:
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Tue, 28 Mar 2017 House: Filed
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Wed, 29 Mar 2017 House: Passed 1st Reading
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Wed, 5 Apr 2017 House: Reptd Fav Com Substitute
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Wed, 5 Apr 2017 House: Re-ref Com On Appropriations
H 497
Bill Summaries:
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Bill H 497 (2017-2018)Summary date: Apr 5 2017 - View Summary
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Bill H 497 (2017-2018)Summary date: Mar 28 2017 - View Summary
Amends GS 135-5, concerning retirement benefits for teachers and state employees, adding new subsection (vvv), providing for cost-of-living increases of 2%.
Amends GS 128-27, concerning retirement benefits for county, city, and town employees, adding new subsections (hhh), (iii), (jjj), (kkk), and (lll), providing for cost-of-living increases of 2.8%, 2.2%, 2.15%, 0.1% and 2% respectively, depending on the employee's date of retirement as specified. Clarifies that the cost-of-living increases provided for in GS 128-27(hhh) through (kkk) represent increases already provided by the Board of Trustees to members of the Local Governmental Employees' Retirement System.
Amends GS 135-65, concerning retirement benefits for individuals in the consolidated judicial retirement system, adding new subsection (gg), providing for cost-of-living increases of 2%.
Amends GS 120-4.22A, concerning retirement benefits for members of the legislative retirement system, adding new subsection (aa), providing for cost-of-living increases of 2%.
Appropriates $88 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2017-18 fiscal year and $88 million for the 2018-19 fiscal year to implement the cost-of-living adjustment authorized in this act.
Effective July 1, 2017.
View: All Summaries for Bill
House committee substitute to the 1st edition made changes to the long title. The original title is as follows:
AN ACT TO PROVIDE TWO PERCENT COST-OF-LIVING INCREASES FOR MEMBERS OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM.