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NC H930
Bill
Status
4/30/2024
Primary Sponsor
Carolyn Logan
Click for details
AI Summary
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Provides a 3% cost-of-living adjustment (COLA) effective July 1, 2024, to retirees of the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, Legislative Retirement System, and Local Governmental Employees' Retirement System.
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Applies the 3% increase to beneficiaries whose retirement commenced on or before July 1, 2023, calculated on the allowance payable as of June 1, 2023.
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Provides prorated 3% increases for beneficiaries who retired after July 1, 2023 but before June 30, 2024, based on the number of months retirement allowances were paid during that period.
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Appropriates $231,000,000 in recurring funds from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2024-2025 fiscal year to implement the COLA increases.
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Becomes effective July 1, 2024.
Legislative Description
COLA/State & Local Retirees/Funds
Appropriations; Boards; Budgeting; Cjrs; Cost-of-living; General Assembly; Judges; Lgers; Local Government; Lrs; Magistrates; Pu
Last Action
Ref to the Com on Appropriations, if favorable, Rules, Calendar, and Operations of the House
5/1/2024