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NC H564
Bill
Status
3/27/2025
Primary Sponsor
Diane Wheatley
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AI Summary
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Provides a 2% cost-of-living adjustment (COLA) effective July 1, 2025, for retirees of the Teachers' and State Employees' Retirement System, Consolidated Judicial Retirement System, and Legislative Retirement System
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Full 2% increase applies to beneficiaries whose retirement commenced on or before July 1, 2024 (or January 1, 2025 for legislative retirees)
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Prorated 2% increase applies to beneficiaries who retired between July 1, 2024 and June 30, 2025, based on months of retirement allowance received
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Appropriates $106,200,000 in recurring funds from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for fiscal year 2025-2026
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Effective date: July 1, 2025
Legislative Description
State Retirees Cost-of-Living Increase/Funds
Appropriations
Last Action
Ref to the Com on Pensions and Retirement, if favorable, Appropriations, if favorable, Rules, Calendar, and Operations of the House
3/31/2025