Enacts new Article 12I, Special Separation Allowance for State and Local Firefighters and Rescue Squad Workers, in GS Chapter 143, providing as follows. Gives firefighters and rescue squad workers who qualify under the new provisions, beginning in the month in which the firefighter or rescue squad worker retires on a basic service retirement under the provisions of GS 135-5(a), GS 128-27(a), or a locally sponsored retirement plan, an annual separation allowance. The allowance is equal 0.85% of the annual equivalent of the base rate of compensation most recently applicable to the firefighter or rescue squad worker for each year of creditable service. Defines creditable service as service for which credit is allowed under the retirement system of which the firefighter or rescue squad worker is a member, if at least 50% of the service is as a firefighter or rescue squad worker. Sets out three criteria that must be met to qualify for the allowance, including that the firefighter or rescue squad worker has completed 30 or more years of creditable service or attained 60 years of age and completed 25 or more years of creditable service, and that the firefighter or rescue squad worker has completed at least five years of continuous service rendered on or after July 1, 2019. Sets out conditions under which the payments will cease. Sets out additional requirements for determining eligibility, funding, and making the payments. 

Applies to firefighters and rescue squad workers retiring on or after July 1, 2024, with at least five years of continuous service that was rendered on or after July 1, 2019.