NC S314

Provides a 2% cost-of-living adjustment (COLA) to retirement allowances effective July 1, 2017, for retirees of the Teachers' and State Employees' Retirement System whose retirement commenced on or before July 1, 2016.

Provides a prorated 2% COLA for retirees of the Teachers' and State Employees' Retirement System who retired after July 1, 2016, but before June 30, 2017, based on months of payments received.

Extends the same 2% COLA provisions to the Judicial Retirement System (effective for those retired on or before July 1, 2016) and the Legislative Retirement System (effective for those retired on or before January 1, 2017).

Appropriates $88,000,000 from the General Fund for fiscal year 2017-2018 and $88,000,000 for fiscal year 2018-2019 to fund the cost-of-living adjustments.

Takes effect on July 1, 2017.