House committee substitute make the following changes to the 1st edition.
Deletes the proposed cost-of-living increase for members of the Local Governmental Employees' Retirement System. Decreases the amount of the increase for members of the Teachers' and State Employees', Legislative, and Judicial retirement systems from 2% to 1%.
Makes conforming changes to the act's long title.
Bill Summaries: H759 RETIREMENT SYSTEM COLAS.
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Tracking:
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Bill H 759 (2015-2016)Summary date: May 12 2015 - View Summary
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Bill H 759 (2015-2016)Summary date: Apr 16 2015 - View Summary
Amends GS 135-5, concerning retirement benefits for teachers and state employees, adding new subsection (uuu), providing for cost-of-living increases depending on the retirement date of the individual, as specified.
Amends GS 128-27, concerning retirement benefits for county, city, and town employees, adding new subsections (hhh) through (lll), which provide for cost-of-living increases depending on the retirement date of the individual, as specified.
Provides that the cost-of-living increases as provided above represent increases already provided by the Board of Trustees to members of the Local Government Employee's Retirement System.
Amends GS 120-4.22A, concerning retirement benefits for members of the legislative retirement system, adding new subsection (z), providing for cost-of-living increases depending on the retirement date of the individual, as specified.
Amends GS 135-65, concerning retirement benefits for individuals in the consolidated judicial retirement system, adding new subsection (ff), providing for cost-of-living increases depending on the retirement date of the individual, as specified.
Effective July 1, 2015.