NC S778

Provides a one-time cost-of-living supplement payment of 4% of annual retirement allowance to Local Governmental Employees' Retirement System (LGERS) beneficiaries living as of September 1, 2022, whose retirement commenced on or before that date.

Payment must be made on or before October 31, 2022, and is not prorated based on retirement commencement date.

The 4% supplement includes a 2% cost-of-living supplement already approved by the Board of Trustees at its January 27, 2022 meeting.

Appropriates $34,000,000 in nonrecurring funds from the General Fund to the Department of State Treasurer for fiscal year 2022-2023 to fund one-half of the total supplement cost.

Becomes effective July 1, 2022; beneficiaries have no vested right to future supplemental payments.