NC S834

Increases retirement allowances by 1.5% for retirees of the teachers' and state employees' retirement system, judicial retirement system, and legislative retirement system, effective July 1, 2016.

Applies the 1.5% increase to beneficiaries whose retirement commenced on or before July 1, 2015 (or January 1, 2016 for legislative retirees), calculated from the allowance payable on June 1, 2016.

Provides prorated increases of 1.5% for beneficiaries who retired after the specified dates but before June 30, 2016, based on the number of months retirement allowances were paid.

Appropriates $63,000,000 from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for fiscal year 2016-2017 to fund the increases.

Becomes effective July 1, 2016.