Bill Summary – FastDemocracy

H.B. 269
                          GENERAL ASSEMBLY OF NORTH CAROLINA
                                                                                            Mar 10, 2021
                                      SESSION 2021                                    HOUSE PRINCIPAL CLERK
     H                                                                                               D
                                  HOUSE BILL DRH10103-MGap-87
     Short Title:   Give State Retirees 2% COLA/Funds.                                          (Public)
     Sponsors:      Representative Hurley.
     Referred to:
                                    A BILL TO BE ENTITLED
 AN ACT PROVIDING 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; AND APPROPRIATING FUNDS FOR THAT PURPOSE.
 The General Assembly of North Carolina enacts:
             SECTION 1. G.S. 135-5 is amended by adding a new subsection to read:
      "(xxx) From and after July 1, 2021, the retirement allowance to or on account of beneficiaries
 whose retirement commenced on or before July 1, 2020, shall be increased by two percent (2%)
 of the allowance payable on June 1, 2021, in accordance with G.S. 135-5(o). Furthermore, from
 and after July 1, 2021, the retirement allowance to or on account of beneficiaries whose
 retirement commenced after July 1, 2020, but before June 30, 2021, shall be increased by a
 prorated amount of two percent (2%) of the allowance payable as determined by the Board of
 Trustees based upon the number of months that a retirement allowance was paid between July 1,
 2020, and June 30, 2021."
             SECTION 2. G.S. 135-65 is amended by adding a new subsection to read:
      "(ii) From and after July 1, 2021, the retirement allowance to or on account of beneficiaries
 whose retirement commenced on or before July 1, 2020, shall be increased by two percent (2%)
 of the allowance payable on June 1, 2021. Furthermore, from and after July 1, 2021, the
 retirement allowance to or on account of beneficiaries whose retirement commenced after July
 1, 2020, but before June 30, 2021, shall be increased by a prorated amount of two percent (2%)
 of the allowance payable as determined by the Board of Trustees based upon the number of
 months that a retirement allowance was paid between July 1, 2020, and June 30, 2021."
             SECTION 3. G.S. 120-4.22A is amended by adding a new subsection to read:
      "(cc) In accordance with subsection (a) of this section, from and after July 1, 2021, the
 retirement allowance to or on account of beneficiaries whose retirement commenced on or before
 January 1, 2021, shall be increased by two percent (2%) of the allowance payable on June 1,
 2021. Furthermore, from and after July 1, 2021, the retirement allowance to or on account of
 beneficiaries whose retirement commenced after January 1, 2021, but before June 30, 2021, shall
 be increased by a prorated amount of two percent (2%) of the allowance payable as determined
 by the Board of Trustees based upon the number of months that a retirement allowance was paid
 between January 1, 2021, and June 30, 2021."
             SECTION 4. There is appropriated from the General Fund to the Reserve for Retiree
 Cost-of-Living Adjustments the sum of ninety-six million dollars ($96,000,000) for the
 2021-2022 fiscal year and the sum of ninety-six million dollars ($96,000,000) for the 2022-2023
 fiscal year to implement the cost-of-living adjustment authorized by this act.
                                 *DRH10103-MGap-87*
    General Assembly Of North Carolina                                   Session 2021
          SECTION 5. This act becomes effective July 1, 2021.
    Page 2                                                         DRH10103-MGap-87
Statutes affected: 
Filed: 135-5, 135-65, 120-4.22A
Edition 1: 135-5, 135-65, 120-4.22A