NC S538

Grants the Board of Trustees of the Local Governmental Employees' Retirement System authority to award cost-of-living adjustments (COLA) to local government retirees up to 4% annually, independent of Consumer Price Index changes.

Allows the Board to fund COLA increases using only actuarial gains, without requiring investment performance to cover additional actuarial liabilities.

Maintains existing automatic COLA provisions tied to Consumer Price Index changes while adding discretionary authority for the Board to award increases in other years.

Effective July 1, 2011.