Bill Summary for H 1047 (2021-2022)
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Summary date:
May 25 2022
Bill Information:
| View NCGA Bill Details | 2021 |
AN ACT PROVIDING A COST-OF-LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM; AND APPROPRIATING FUNDS FOR THAT PURPOSE.Intro. by Logan, Brown, Hunt, Clemmons.
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Bill summary
Amends GS 135-5 (concerning the Teachers' and State Employees' Retirement System), GS 135-65 (concerning the Consolidated Judicial Retirement System), and GS 120-4.22A (concerning the Legislative Retirement System), to provide, from and after July 1, 2022, a 2.5% increase in the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2021, or a prorated amount for those whose retirement commenced after July 1, 2021, but before June 30, 2022, as determined by the respective Board of Trustees.
Appropriates $127 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2022-23 fiscal year to implement the act.
Effective July 1, 2022.