GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2015

H                                                                                                                                                   2

HOUSE BILL 759

Committee Substitute Favorable 5/12/15

 

Short Title:        Retirement System COLAs.

(Public)

Sponsors:

 

Referred to:

 

April 15, 2015

A BILL TO BE ENTITLED

AN ACT to provide cost‑of‑living increases for members of the teachers' and state employees' retirement system, the legislative retirement system, and the consolidated judicial retirement system.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 135‑5 is amended by adding a new subsection to read:

"(uuu)   From and after July 1, 2015, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2014, shall be increased by one percent (1%) of the allowance payable on June 1, 2014, in accordance with G.S. 135‑5(o). Furthermore, from and after July 1, 2015, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2014, but before June 30, 2015, shall be increased by a prorated amount of one percent (1%) 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, 2014, and June 30, 2015."

SECTION 2.  G.S. 120‑4.22A is amended by adding a new subsection to read:

"(z)       In accordance with subsection (a) of this section, from and after July 1, 2015, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before January 1, 2015, shall be increased by one percent (1%) of the allowance payable on June 1, 2015. Furthermore, from and after July 1, 2015, the retirement allowance to or on account of beneficiaries whose retirement commenced after January 1, 2015, but before June 30, 2015, shall be increased by a prorated amount of one percent (1%) 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, 2014, and June 30, 2015."

SECTION 3.  G.S. 135‑65 is amended by adding a new subsection to read:

"(ff)      From and after July 1, 2015, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2014, shall be increased by one percent (1%) of the allowance payable on June 1, 2015. Furthermore, from and after July 1, 2015, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2014, but before June 30, 2015, shall be increased by a prorated amount of one percent (1%) 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, 2014, and June 30, 2015."

SECTION 4.  This act becomes effective July 1, 2015.