NC S479

Increases retirement allowances by 2% effective July 1, 2021, for beneficiaries of the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, and Legislative Retirement System whose retirement commenced on or before specified dates.

Provides prorated 2% increases for beneficiaries who retired after the specified cutoff dates but before June 30, 2021, based on the number of months retirement allowances were paid.

Appropriates $96,000,000 from the General Fund for the 2021-2022 fiscal year and $96,000,000 for the 2022-2023 fiscal year to fund the cost-of-living adjustments.

Takes effect July 1, 2021.