Bill > S243

This bill proposes to provide a 5% cost-of-living adjustment (COLA) for North Carolina state and local government retirees whose retirement commenced on or before July 1, 2018. For retirees whose retirement commenced after July 1, 2018 but before June 30, 2019, the bill provides for a prorated 5% COLA based on the number of months the retirement allowance was paid during that period. The bill also appropriates $240 million in recurring funds for the 2019-2020 and 2020-2021 fiscal years to implement the COLA increase, and the provisions of the bill become effective July 1, 2019.