Bill Summary for S 408 (2019-2020)

Summary date: 

Jun 16 2020

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 408 (Public) Filed Thursday, March 28, 2019
AN ACT TO PROVIDE A COST OF LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM.
Intro. by Krawiec, Hise, Wells.

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Bill summary

House committee substitute eliminates the content of the 2nd edition and now provides the following.

Adds the following provisions pertaining to members of the Teachers' and State Employees' Retirement System and the Judicial Retirement System (GS 135-5 and GS 135-65, respectively).

Provides a 2% increase of the retirement allowance from and after July 1, 2020, calculated from the allowance payable on June 1, 2020, for beneficiaries whose retirement commenced on or before July 1, 2019, and prorated based upon the number of months that a retirement allowance was paid for beneficiaries whose retirement commenced after July 1, 2019, but before June 30, 2020.

Appropriates from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments (Reserve) $96 million in recurring funds for the 2020-21 fiscal year to implement the adjustment.

Effective July 1, 2020.

Changes the act's titles.

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