NC S805

Awards a one-time $5,000 bonus to state employees effective July 4, 2024, and a 5% pay raise effective July 4, 2024 (Phase I) and July 4, 2025 (Phase II).

Applies to full-time and part-time permanent employees of state agencies, departments, and institutions (including UNC System and community colleges) employed between June 30, 2024, and June 30, 2025, excluding teacher salary schedule employees.

Appropriates $766,878,331 in recurring funds and $443,069,680 in nonrecurring funds for the 2024-2025 fiscal year, sourced from unappropriated General Fund balance, Savings Reserve, and State Capital and Infrastructure Fund.

Provides a 2% cost-of-living adjustment to retirees of the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, and Legislative Retirement System effective July 4, 2024, with $100,000,000 appropriated from the General Fund.

Becomes effective July 1, 2024.