NC S851

Provides a one-time $500 cost-of-living supplement payment to retirees of the Teachers' and State Employees' Retirement System, Local Governmental Employees' Retirement System, Consolidated Judicial Retirement System, and Legislative Retirement System.

Extends the $500 one-time supplement to beneficiaries of the North Carolina Firefighters' and Rescue Squad Workers' Pension Fund, North Carolina National Guard Pension Fund, and Register of Deeds' Supplemental Pension Fund.

Payments must be made on or before September 1, 2020, to beneficiaries living as of August 1, 2020, whose retirement commenced on or before August 1, 2020; if a beneficiary dies before payment, the amount goes to their legal representative.

Appropriates $83,000,000 in nonrecurring funds from the General Fund for the 2020-2021 fiscal year to fund the cost-of-living adjustments.

Becomes effective July 1, 2020, and specifies that no beneficiary acquires a vested right to any future supplemental payments under this provision.