Enacts new GS Chapter 143, Article 12I (Special Separation Allowances for State and Local Firefighters).

Applies to firefighters employed both by State departments, agencies, or institutions, and by employers participating in the Local governmental Employees' Retirement System.

Provides firefighters who meet specified criteria with an annual separation allowance equal to .85% of the annual equivalent of the base rate of compensation most recently applicable to the firefighter for each year of creditable service, to be paid in equal installments on the payroll frequency used by the employer, beginning in the month in which the firefighter retires under basic service retirement. To qualify, the firefighter, must have either completed 30 or more years of creditable service or attained 60 years of age with 25 or more years of creditable service, must have not attained 62 years of age, and must have completed at least five years of continuous service rendered on or after July 1, 2017, as a firefighter immediately preceding a service retirement. Payment ceases upon either the death of the firefighter, the last day of the month in which the firefighter attains 62 years of age, or the first day of reemployment by any State department, agency or institution, or local government employer in any capacity, with certain exceptions required by other statutes. Does not affect other State, local, federal, or private retirement benefits. Directs the head of each state department, agency, or institution, or the governing body of a local employer, to determine the eligibility of employees for the benefits of this statute. Authorizes the Director of the Budget to authorize the transfer of funds within the budgets of each State department, agency, or institution to carry out the statute. Directs the head of each State department, agency, or institution, or governing body of a local employer, to make the payments described above.