NC S408

Increases retirement allowances by 2% for beneficiaries of the Teachers' and State Employees' Retirement System (TSERS) whose retirement commenced on or before July 1, 2019, effective July 1, 2020

Increases retirement allowances by 2% for beneficiaries of the Consolidated Judicial Retirement System (CJRS) whose retirement commenced on or before July 1, 2019, effective July 1, 2020

Provides prorated 2% increases for beneficiaries who retired between July 1, 2019, and June 30, 2020, based on the number of months retirement allowances were paid during that period

Appropriates $96,000,000 in recurring General Fund dollars for the 2020-2021 fiscal year to implement the cost-of-living adjustments

Takes effect July 1, 2020