NC H348

Increases retirement allowances by 1.5% for retirees of the Teachers' and State Employees' Retirement System whose retirement commenced on or before July 1, 2016, effective July 1, 2017.

Increases retirement allowances by 1.5% for retirees of the Judicial Retirement System whose retirement commenced on or before July 1, 2016, effective July 1, 2017.

Increases retirement allowances by 1.5% for retirees of the Legislative Retirement System whose retirement commenced on or before January 1, 2017, effective July 1, 2017.

Provides prorated 1.5% increases for beneficiaries who retired between the specified dates and June 30, 2017, calculated based on months of allowance payments.

Appropriates $67,000,000 for fiscal year 2017-2018 and $67,000,000 for fiscal year 2018-2019 to fund the cost-of-living adjustments.