NC H497

Increases retirement allowances by 2% for beneficiaries of the Teachers' and State Employees' Retirement System whose retirement commenced on or before July 1, 2016, effective July 1, 2017.

Provides prorated 2% increases for beneficiaries of the Teachers' and State Employees' Retirement System who retired between July 1, 2016 and June 30, 2017, based on months of payments received.

Increases retirement allowances by 2% for beneficiaries of the Consolidated Judicial Retirement System whose retirement commenced on or before July 1, 2016, effective July 1, 2017, with prorated increases for those retiring between July 1, 2016 and June 30, 2017.

Increases retirement allowances by 2% for beneficiaries of the Legislative Retirement System whose retirement commenced on or before January 1, 2017, effective July 1, 2017, with prorated increases for those retiring between January 1, 2017 and June 30, 2017.

Appropriates $88 million to the General Fund for fiscal year 2017-2018 and $88 million for fiscal year 2018-2019 to fund the cost-of-living adjustments.