NC S243

Increases retirement allowances by 5% for beneficiaries in the Teachers' and State Employees' Retirement System, Judicial Retirement System, and Legislative Retirement System effective July 1, 2019.

Applies 5% increase to beneficiaries whose retirement commenced on or before July 1, 2018 (for Teachers/State Employees and Judicial systems) or on or before January 1, 2019 (for Legislative system), calculated based on allowance payable June 1, 2019.

Provides prorated 5% increases for beneficiaries who retired between July 1, 2018 and June 30, 2019 (or between January 1, 2019 and June 30, 2019 for Legislative system), based on months of payment received.

Appropriates $240,000,000 in recurring General Fund monies to the Reserve for Retiree Cost-of-Living Adjustments for fiscal year 2019-2020 and $240,000,000 for fiscal year 2020-2021.

Effective date is July 1, 2019.