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NC H566
Bill
Status
4/4/2023
Primary Sponsor
Rosa Gill
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AI Summary
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Increases retirement allowances by 2% effective July 1, 2023, for beneficiaries of the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, and Legislative Retirement System whose retirement commenced on or before July 1, 2022.
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Provides prorated 2% increases for beneficiaries who retired after July 1, 2022, but before June 30, 2023, based on the number of months retirement allowances were paid during that period.
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Appropriates $100,000,000 from the General Fund for the 2023-2024 fiscal year and $100,000,000 for the 2024-2025 fiscal year to fund the cost-of-living adjustments.
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Becomes effective July 1, 2023.
Legislative Description
Give State Retirees 2% COLA/Funds
Appropriations; Boards; Budgeting; Cjrs; Cost-of-living; General Assembly; Judges; Lrs; Magistrates; Public; Retirement; Salarie
Last Action
Ref to the Com on Appropriations, if favorable, Pensions and Retirement, if favorable, Rules, Calendar, and Operations of the House
4/5/2023