| 14 | 13 | | A BILL TO BE ENTITLED 1 |
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| 15 | 14 | | AN ACT TO PROVIDE AND APPROPRIATE FUNDS FOR A COST -OF-LIVING 2 |
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| 16 | 15 | | ADJUSTMENT FOR RETIREES OF THE TEACHERS ' AND STATE EMPLOYEES ' 3 |
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| 17 | 16 | | RETIREMENT SYSTEM, THE CONSOLIDATED JUDICIAL RETIREMENT SYSTEM, 4 |
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| 18 | 17 | | AND THE LEGISLATIVE RETIREMENT SYSTEM . 5 |
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| 19 | 18 | | The General Assembly of North Carolina enacts: 6 |
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| 20 | 19 | | SECTION 1.(a) G.S. 135-5 is amended by adding a new subsection to read: 7 |
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| 21 | 20 | | "(aaaa) Effective July 1, 2025, the retirement allowance payable to, or on account of, 8 |
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| 22 | 21 | | beneficiaries whose retirement commenced on or before July 1, 2024, is increased by two percent 9 |
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| 23 | 22 | | (2%) of the allowance payable on June 1, 2024, in accordance with subsection (o) of this section. 10 |
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| 24 | 23 | | Effective July 1, 2025, the retirement allowance payable to, or on account of, beneficiaries whose 11 |
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| 25 | 24 | | retirement commenced after July 1, 2024, but before June 30, 2025, is increased by a prorated 12 |
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| 26 | 25 | | amount of two percent (2%), as determined by the Board of Trustees based upon the number of 13 |
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| 27 | 26 | | months that a retirement allowance was paid between July 1, 2024, and June 30, 2025." 14 |
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| 28 | 27 | | SECTION 1.(b) G.S. 135-65 is amended by adding a new subsection to read: 15 |
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| 29 | 28 | | "(ll) Effective July 1, 2025, the retirement allowance payable to, or on account of, 16 |
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| 30 | 29 | | beneficiaries whose retirement commenced on or before July 1, 2024, is increased by two percent 17 |
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| 31 | 30 | | (2%) of the allowance payable on June 1, 2024. Effective July 1, 2025, the retirement allowance 18 |
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| 32 | 31 | | payable to, or on account of, beneficiaries whose retirement commenced after July 1, 2024, but 19 |
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| 33 | 32 | | before June 30, 2025, is increased by a prorated amount of two percent (2%), as determined by 20 |
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| 34 | 33 | | the Board of Trustees based upon the number of months that a retirement allowance was paid 21 |
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| 35 | 34 | | between July 1, 2024, and June 30, 2025." 22 |
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| 36 | 35 | | SECTION 1.(c) G.S. 120-4.22A is amended by adding a new subsection to read: 23 |
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| 37 | 36 | | "(ff) In accordance with subsection (a) of this section, effective July 1, 2025, the retirement 24 |
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| 38 | 37 | | allowance payable to, or on account of, beneficiaries whose retirement commenced on or before 25 |
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| 39 | 38 | | January 1, 2025, is increased by two percent (2%) of the allowance payable on June 1, 2025. 26 |
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| 40 | 39 | | Effective July 1, 2025, the retirement allowance payable to, or on account of, beneficiaries whose 27 |
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| 41 | 40 | | retirement commenced after January 1, 2025, but before June 30, 2025, is increased by a prorated 28 |
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| 42 | 41 | | amount of two percent (2%), as determined by the Board of Trustees based upon the number of 29 |
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| 43 | 42 | | months that a retirement allowance was paid between January 1, 2025, and June 30, 2025." 30 |
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| 44 | 43 | | SECTION 2. There is appropriated from the General Fund to the Reserve for Retiree 31 |
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| 45 | 44 | | Cost-of-Living Adjustments the sum of one hundred six million two hundred thousand dollars 32 |
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| 46 | 45 | | ($106,200,000) in recurring funds for the 2025-2026 fiscal year to implement Section 1 of this 33 |
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