Bill Summary for H 497 (2017-2018)

Summary date: 

Mar 28 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 497 (Public) Filed Tuesday, March 28, 2017
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.

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Bill 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.

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