Amends GS 135-5, concerning retirement benefits for teachers and state employees, adding new subsection (vvv), providing for cost-of-living increases of 1.5%.

Amends GS 135-65, concerning retirement benefits for individuals in the consolidated judicial retirement system, adding new subsection (gg), providing for cost-of-living increases of 1.5%.

Amends GS 120-4.22A, concerning retirement benefits for members of the legislative retirement system, adding new subsection (aa), providing for cost-of-living increases of 1.5%. 

Appropriates $67 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2017-18 fiscal year and $67 million for the 2018-19 fiscal year to implement the cost-of-living adjustment authorized in this act.

Effective July 1, 2017.