Bill Summary for S 778 (2021-2022)
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AN ACT PROVIDING AN INCREASED ONE-TIME COST-OF-LIVING SUPPLEMENT FOR RETIREES OF THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM.Intro. by Mayfield.
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Amends GS 128-27, concerning the Local Governmental Employees' Retirement System (LGERS), to require a 4 percent allowance supplement payment be made to or on account of beneficiaries who are living and whose retirement has commenced as of September 1, 2022, by October 31, 2022. Provides for payment to the member's legal representative in the event of death prior to payment. Specifies that beneficiaries are not deemed to have acquired a vested right to any future supplement payments.
Specifies that the supplement authorized includes a 2% supplement provided by the LGERS Board of Trustees at its January 2022 meeting.
Appropriates $34 million from the General Fund to the Department of State Treasurer for 2022-23 to fund one-half of the supplement authorized by the act.
Effective July 1, 2022.