Bill Summary for S 314 (2017-2018)
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| View NCGA Bill Details | 2017-2018 Session |
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-Ingram.
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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 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.