Bill Summaries: S728 (2023-2024 Session)

Tracking:
  • Bill S 728 (2023-2024)
    Summary date: May 2 2023 - View summary

    Correction: Amends GS 58-86-35, GS 58-86-40, and GS 58-86-45, increasing monthly member payments to the NC Firefighters' and Rescue Squad Workers' Pension Fund (Pension Fund) from $10 to $20 (not $25) as it applies to new and current members and workers seeking retroactive membership. 
    Employment and Retirement, Government, Budget/Appropriations, Public Safety and Emergency Management, State Agencies, Department of State Treasurer
    APPROP, GS 58
  • Bill S 728 (2023-2024)
    Summary date: Apr 10 2023 - View summary

    Amends GS 58-86-35, GS 58-86-40, and GS 58-86-45, increasing monthly member payments to the NC Firefighters' and Rescue Squad Workers' Pension Fund (Pension Fund) from $10 to $25 as it applies to new and current members and workers seeking retroactive membership. 

    Amends GS 58-86-55, increasing the monthly pension to eligible members, including disabled members, beneficiaries, and retired firefighters from $170 to $200 monthly. Makes conforming changes, including changes regarding increased monthly member contributions. Adds that effective January 1, 2024, the monthly payment amount a member is entitled to receive is increased on January 1 of each year by the percent change between the June Consumer Price Index in the prior fiscal year and the fiscal year most recently ended, so long as the percent change is positive.

    Effective January 1, 2024, and applies to monthly payments due from, and monthly benefits owed to, members of the Pension Fund on or after that date. 

    Appropriates $255 million from the General Fund to the State Treasurer for the North Carolina Firefighters' and Rescue Squad Workers' Pension Fund to increase the amount of eligible firefighters' pension. Effective July 1, 2023.
    Employment and Retirement, Government, Budget/Appropriations, Public Safety and Emergency Management, State Agencies, Department of State Treasurer
    APPROP, GS 58

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