Amends GS 135-5, concerning retirement benefits for teachers and state employees, adding new subsection (xxx), providing for cost-of-living increases of 5%.

Amends GS 135-65, concerning retirement benefits for individuals in the consolidated judicial retirement system, adding new subsection (ii), providing for cost-of-living increases of 5%.

Amends GS 120-4.22A, concerning retirement benefits for members of the legislative retirement system, adding new subsection (cc), providing for cost-of-living increases of 5%. 

Appropriates $240 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2019-20 fiscal year and $240 million in recurring funds for the 2020-21 fiscal year to implement the cost-of-living adjustment authorized in this act.

Effective July 1, 2019.