Bill Summary for S 538 (2011-2012)

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Bill: LOCAL RETIREMENT COLA AUTHORITY.

Summary date: 

Apr 7 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 538 (Public) Filed Thursday, April 7, 2011
TO GRANT AUTHORITY TO THE BOARD OF TRUSTEES OF THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM TO AWARD A COST OF LIVING INCREASE TO LOCAL GOVERNMENT RETIREES.
Intro. by Hartsell.

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Bill summary

Amends GS 128-27(k) to permit the Board of Trustees for the Local Government Employees’ Retirement System to fund a cost of living increase in retirement benefits of up to 4%, regardless of any increase or decrease in the Consumer Price Index. Effective July 1, 2011.