Bill Summaries: H1070 (2015-2016 Session)

Tracking:
  • Bill H 1070 (2015-2016)
    Summary date: May 10 2016 - View summary

    Amends GS 135-5, concerning retirement benefits for teachers and state employees, adding new subsection (uuu), providing for cost-of-living increases depending on the retirement date of the individual, as specified.

    Amends GS 128-27, concerning retirement benefits for county, city, and town employees, adding new subsections (hhh) through (lll), which provide for cost-of-living increases depending on the retirement date of the individual, as specified. Provides that the cost-of-living increases represent increases already provided by the Board of Trustees to members of the Local Government Employee's Retirement System.

    Amends GS 120-4.22A, concerning retirement benefits for members of the legislative retirement system, adding new subsection (z), providing for cost-of-living increases depending on the retirement date of the individual, as specified.

    Amends GS 135-65, concerning retirement benefits for individuals in the consolidated judicial retirement system, adding new subsection (ff), providing for cost-of-living increases depending on the retirement date of the individual, as specified.

    Appropriates $168 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2016-17 fiscal year to implement the cost-of-living adjustment authorized in this act.

    Effective July 1, 2016.
    Courts/Judiciary, Education, Employment and Retirement, Government, Budget/Appropriations, General Assembly, State Government, State Personnel
    APPROP, GS 120, GS 128, GS 135

© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.