Amends GS 135-5, concerning the retirement system for teachers and state employees, and GS 135-65, concerning the consolidated judicial retirement system, by adding a new subsection to each that increases the retirement allowance payable to, or on account of, beneficiaries whose retirement commenced: (1) on or before July 1, 2024, by 2% of the allowance payable on June 1, 2024 or (2) after July 1, 2024, but before June 30, 2025, by a prorated amount of 2% as determined by the Board of Trustees based on the number of months the allowance was paid from July 1, 2024 to June 30, 2025.
Amends GS 120-4.22A, concerning the legislative retirement system, by adding a new subsection that increases the retirement allowance payable to, or on account of, beneficiaries whose retirement commenced: (1) on or before January 1, 2025, by 2% of the allowance payable on June 1, 2025 or (2) after January 1, 2025, but before June 30, 2025, by a prorated amount of 2% as determined by the Board of Trustees based on the number of months the allowance was paid from January 1, 2025, to June 30, 2025.
Appropriates $106.2 million in recurring funds for the 2025-2026 fiscal year from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for implementation.
Effective July 1, 2025.

Statutes affected:
Filed: 135-5, 135-65, 120-4.22A
Edition 1: 135-5, 135-65, 120-4.22A