GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
H 1
HOUSE BILL 1365*
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Short Title: Provide COLAs for Retirees. |
(Public) |
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Sponsors: |
Representatives Bell; Adams, Brown, Faison, Frye, Lucas, Moore, Parmon, Wainwright, and Womble. |
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Referred to: |
Pensions and Retirement, if favorable, Appropriations. |
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April 9, 2009
A BILL TO BE ENTITLED
AN ACT to PROVIDE COST‑OF‑LIVING INCREASES FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE JUDICIAL RETIREMENT SYSTEM, and the local governmental employees' retirement system to close the gap in the average percentage increase between the consumer price index and the average increase in retiree cost‑of‑living allowances over the past five years.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 135‑5 is amended by adding a new subsection to read:
"(sss) From and after July 1, 2009, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2008, shall be increased by one and eighty‑two hundredths percent (1.82%) of the allowance payable on June 1, 2009, in accordance with G.S. 135‑5(o). Furthermore, from and after July 1, 2009, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2008, but before June 30, 2009, shall be increased by a prorated amount of one and eighty‑two hundredths percent (1.82%) 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, 2007, and June 30, 2009."
SECTION 2. G.S. 135‑65 is amended by adding a new subsection to read:
"(cc) From and after July 1, 2009, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2008, shall be increased by one and eighty‑two hundredths percent (1.82%) of the allowance payable on June 1, 2009. Furthermore, from and after July 1, 2009, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2008, but before June 30, 2009, shall be increased by a prorated amount of one and eighty‑two hundredths percent (1.82%) 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, 2008, and June 30, 2009."
SECTION 3. G.S. 128‑27 is amended by adding a new subsection to read:
"(hhh) From and after July 1, 2009, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2008, shall be increased by one and eighty‑two hundredths percent (1.82%) of the allowance payable on June 1, 2009, in accordance with subsection (k) of this section. Furthermore, from and after July 1, 2008, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2008, but before June 30, 2009, shall be increased by a prorated amount of one and eighty‑two hundredths percent (1.82%) 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, 2008, and June 30, 2009."
SECTION 4. This act becomes effective July 1, 2009.