Bill > S479

This bill proposes a 2% cost-of-living adjustment (COLA) for state retirees in North Carolina. Specifically, it amends state law to increase the retirement allowance by 2% for beneficiaries whose retirement commenced on or before July 1, 2020. For beneficiaries who retired after July 1, 2020 but before June 30, 2021, the bill provides a prorated 2% increase based on the number of months their retirement allowance was paid during that period. The bill also appropriates $96 million in each of the next two fiscal years to fund the COLA adjustments, and the changes would take effect on July 1, 2021.

https://www.ncleg.gov/BillLookUp/2021/S479