AN ACT TO PROVIDE A ONE-TIME COST-OF-LIVING SUPPLEMENT OF FIVE HUNDRED DOLLARS TO THE RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM AND TO THE BENEFICIARIES OF THE NORTH CAROLINA FIREFIGHTERS' AND RESCUE SQUAD WORKERS' PENSION FUND, THE NORTH CAROLINA NATIONAL GUARD PENSION FUND, AND THE REGISTER OF DEEDS' SUPPLEMENTAL PENSION FUND.
Amends GS 135-5, GS 128-27, GS 135-65, and GS 120-4.22A to grant a one-time $500 cost-of-living supplement payment for retirees of the Teachers' and State Employees' Retirement System (TSERS), the Local Governmental Employees' Retirement System (LGERS), the Consolidated Judicial Retirements System (CJRS), and the Legislative Retirement System (LRS). Limits eligibility to beneficiaries living as of August 1, 2020, and whose retirement commenced on or before August 1, 2020. Allows for the payment to the member's legal representative if the beneficiary dies before payment is made. Clarifies that no vested right in future supplemental payments is granted. Requires that the payment be made on or before September 1, 2020.
Requires the same one-time $500 cost-of-living supplement payment to be made to or on account of beneficiaries of the NC Firefighters' and Rescue Squad Workers' Pension Fund and the NC National Guard Pension Fund, and beneficiaries of the Register of Deeds' Supplemental Pension Fund who are not eligible for the LGERS supplement payment. Provides for identical eligibility criteria and restrictions. Requires that the payment be made on or before September 1, 2020.
Appropriates $83 million in nonrecurring funds from the General Fund to the Reserve for Retiree Cost-of-Living Supplemental Payments for the 2020-21 fiscal year to implement the act's provisions, excluding the supplemental payments required for eligible beneficiaries of LGERS and the the Register of Deeds' Supplemental Pension Fund.
Allows for the Retirement Systems Division to increase receipts from retirement assets of the corresponding retirement system to pay associated costs of the payments.
Effective July 1, 2020.
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