NC S728

Increases monthly pension payments for eligible firefighters and rescue squad workers from $170 to $200 per month upon reaching age 55 with 20 years of service.

Increases monthly member contributions to the pension fund from $10 to $20 per month for firefighters and rescue squad workers.

Increases lump sum retroactive membership payment amounts from $10 to $20 per month for members seeking prior service credit.

Establishes an annual cost-of-living adjustment effective January 1, 2024, increasing pension amounts each year by the percent change in the June Consumer Price Index, calculated to the nearest tenth of a percent (minimum 0.1% increase required).

Appropriates $255,000,000 from the General Fund to the North Carolina Firefighters' and Rescue Squad Workers' Pension Fund, effective July 1, 2023, with benefit changes applying January 1, 2024.