summary
Introduced
03/27/2025
03/27/2025
In Committee
03/31/2025
03/31/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Session
Bill Summary
AN ACT TO PROVIDE AND APPROPRIATE FUNDS FOR A COST-OF-LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM.
AI Summary
This bill provides a 2% cost-of-living adjustment (COLA) for retirees from three different North Carolina retirement systems: the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, and the Legislative Retirement System, effective July 1, 2025. For retirees who retired on or before July 1, 2024 (or January 1, 2025 for legislative retirees), they will receive a full 2% increase in their retirement allowance. For those who retired after July 1, 2024, but before June 30, 2025, the increase will be prorated based on the number of months their retirement allowance was paid during that period. The Board of Trustees will determine the specific prorated amount for these newer retirees. To fund this COLA, the bill appropriates $106.2 million in recurring funds from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2025-2026 fiscal year. The legislation aims to help retirees keep pace with inflation and provide financial support to those who have served the state in various capacities.
Committee Categories
Labor and Employment
Sponsors (48)
Howard Penny (R)*,
Diane Wheatley (R)*,
Eric Ager (D),
Jonathan Almond (R),
Vernetta Alston (D),
Amber Baker (D),
Cynthia Ball (D),
Brian Biggs (R),
John Blust (R),
Jerry Branson (R),
Gloristine Brown (D),
Kanika Brown (D),
Allen Buansi (D),
Becky Carney (D),
Maria Cervania (D),
Mike Colvin (D),
Sarah Crawford (D),
Aisha Dew (D),
Julia Greenfield (D),
Pricey Harrison (D),
Zack Hawkins (D),
Beth Helfrich (D),
Frances Jackson (D),
Neal Jackson (R),
Ray Jeffers (D),
Monika Johnson-Hostler (D),
Abe Jones (D),
Ya Liu (D),
Carolyn Logan (D),
Tim Longest (D),
Jarrod Lowery (R),
Nasif Majeed (D),
Ben Moss (R),
Ray Pickett (R),
Rodney Pierce (D),
Lindsey Prather (D),
Amos Quick (D),
Heather Rhyne (R),
Dennis Riddell (R),
Stephen Ross (R),
Phil Rubin (D),
Charles Smith (D),
Larry Strickland (R),
Julie Von Haefen (D),
Bill Ward (R),
Harry Warren (R),
Donna White (R),
Shelly Willingham (D),
Last Action
Ref to the Com on Pensions and Retirement, if favorable, Appropriations, if favorable, Rules, Calendar, and Operations of the House (on 03/31/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ncleg.gov/BillLookUp/2025/H564 |
| BillText | https://www.ncleg.gov/Sessions/2025/Bills/House/PDF/H564v1.pdf |
| BillText | https://www.ncleg.gov/Sessions/2025/Bills/House/PDF/H564v0.pdf |
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