NC H876

Provides a permanent 1% cost-of-living adjustment (COLA) effective July 1, 2019, to retirement allowances for beneficiaries of the Teachers' and State Employees' Retirement System (TSERS), Judicial Retirement System, and Legislative Retirement System whose retirement commenced on or before July 1, 2018

Provides prorated 1% COLA increases for beneficiaries who retired between July 1, 2018, and June 30, 2019, calculated based on the number of months retirement allowances were paid during that period

Authorizes a one-time 1% cost-of-living supplement payment by October 31, 2019, to all living beneficiaries whose retirement commenced on or before September 1, 2019, based on their September 1, 2019 annual allowance

Appropriates $48,000,000 in recurring funds for fiscal years 2019-2020 and 2020-2021 to fund the permanent COLA increases and $37,000,000 in nonrecurring funds for fiscal year 2019-2020 to fund the one-time supplement

Becomes effective July 1, 2019