NC H616

Adds five new cost-of-living adjustment (COLA) subsections to G.S. 128-27 for the Local Governmental Employees' Retirement System, providing increases on July 1 of specified years for beneficiaries based on retirement commencement dates.

Provides 2.8% COLA increase effective July 1, 2006, for beneficiaries who retired on or before July 1, 2005, with prorated amounts for those retiring between July 1, 2005 and June 30, 2006.

Establishes 2.2% COLA increase effective July 1, 2007, and 2.15% increase effective July 1, 2008, with similar prorated provisions for beneficiaries retiring within specified date ranges.

Provides 0.1% COLA increase effective July 1, 2009, and 1% COLA increase effective July 1, 2015, with prorated amounts for beneficiaries retiring in the respective periods preceding each effective date.

Declares that the increases represent adjustments already provided by the Board of Trustees and becomes effective July 1, 2015.