Amends GS 135-5 (concerning the Teachers' and State Employees' Retirement System), GS 135-65 (concerning the Consolidated Judicial Retirement System), GS 120-4.22A (concerning the Legislative Retirement System), and GS 128-27 (concerning the Retirement System for Counties, Cities, and Towns) to provide, from and after July 1, 2024, a 3% increase in the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2023, or a prorated amount for those whose retirement commenced after July 1, 2023, but before June 30, 2024, as determined by the respective Board of Trustees.

Appropriates $231 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2024-25 fiscal year to implement the act.

Effective July 1, 2024.