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NC H1047
Bill
Status
5/25/2022
Primary Sponsor
Carolyn Logan
Click for details
AI Summary
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Increases retirement allowances by 2.5% for beneficiaries in the Teachers' and State Employees' Retirement System whose retirement commenced on or before July 1, 2021, effective July 1, 2022
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Increases retirement allowances by 2.5% for beneficiaries in the Consolidated Judicial Retirement System whose retirement commenced on or before July 1, 2021, effective July 1, 2022
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Increases retirement allowances by 2.5% for beneficiaries in the Legislative Retirement System whose retirement commenced on or before January 1, 2022, effective July 1, 2022
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Provides prorated 2.5% increases for beneficiaries who retired after the specified cutoff dates but before June 30, 2022, based on months of payments received
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Appropriates $127,000,000 from the General Fund for the 2022-2023 fiscal year to implement the cost-of-living adjustments
Legislative Description
2.5% COLA for State Retirees/Funds
Appropriations
Last Action
Ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House
5/26/2022