Bill Text: NC H497 | 2017-2018 | Regular Session | Amended
Bill Title: Retirement Systems 2% COLAs/Funds
Spectrum: Slight Partisan Bill (Democrat 16-10)
Status: (Introduced - Dead) 2017-04-05 - Re-ref Com On Appropriations [H497 Detail]
Download: North_Carolina-2017-H497-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2017
H 1
HOUSE BILL 497
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Short Title: Retirement Systems 2% COLAs/Funds. |
(Public) |
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Sponsors: |
Representatives Jordan, Hurley, Strickland, and Malone (Primary Sponsors). For a complete list of sponsors, refer to the North Carolina General Assembly web site. |
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Referred to: |
Pensions and Retirement, if favorable, Appropriations |
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March 29, 2017
A BILL TO BE ENTITLED
AN ACT to provide two percent cost‑of‑living increases for members of the teachers' and state employees' retirement system, the local governmental employees' retirement system, the consolidated judicial retirement system, and the legislative retirement system.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 135‑5 is amended by adding a new subsection to read:
"(vvv) From and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2016, shall be increased by two percent (2%) of the allowance payable on June 1, 2017, in accordance with G.S. 135‑5(o). Furthermore, from and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2016, but before June 30, 2017, shall be increased by a prorated amount of two percent (2%) 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, 2016, and June 30, 2017."
SECTION 2.(a) G.S. 128‑27 is amended by adding five new subsections to read:
"(hhh) From and after July 1, 2006, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2005, shall be increased by two and eight‑tenths percent (2.8%) of the allowance payable on June 1, 2006, in accordance with subsection (k) of this section. Furthermore, from and after July 1, 2006, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2005, but before June 30, 2006, shall be increased by a prorated amount of two and eight‑tenths percent (2.8%) 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, 2005, and June 30, 2006.
(iii) From and after July 1, 2007, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2006, shall be increased by two and two‑tenths percent (2.2%) of the allowance payable on June 1, 2007, in accordance with subsection (k) of this section. Furthermore, from and after July 1, 2007, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2006, but before June 30, 2007, shall be increased by a prorated amount of two and two‑tenths percent (2.2%) 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, 2006, and June 30, 2007.
(jjj) From and after July 1, 2008, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2007, shall be increased by two and fifteen‑hundredths percent (2.15%) of the allowance payable on June 1, 2008, 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, 2007, but before June 30, 2008, shall be increased by a prorated amount of two and fifteen‑hundredths percent (2.15%) 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, 2008.
(kkk) 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‑tenth of one percent (0.1%) of the allowance payable on June 1, 2009, in accordance with subsection (k) of this section. 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‑tenth of one percent (0.1%) 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, 2008, and June 30, 2009.
(lll) From and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2016, shall be increased by two percent (2%) of the allowance payable on June 1, 2017, in accordance with subsection (k) of this section. Furthermore, from and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2016, but before June 30, 2017, shall be increased by a prorated amount of two percent (2%) 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, 2016, and June 30, 2017."
SECTION 2.(b) The cost‑of‑living increases provided for in G.S. 128‑27(hhh) through (kkk), as enacted in subsection (a) of this section, represent increases already provided by the Board of Trustees to members of the Local Governmental Employees' Retirement System.
SECTION 3. G.S. 135‑65 is amended by adding a new subsection to read:
"(gg) From and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 2016, shall be increased by two percent (2%) of the allowance payable on June 1, 2017. Furthermore, from and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 2016, but before June 30, 2017, shall be increased by a prorated amount of two percent (2%) 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, 2016, and June 30, 2017."
SECTION 4. G.S. 120‑4.22A is amended by adding a new subsection to read:
"(aa) In accordance with subsection (a) of this section, from and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before January 1, 2017, shall be increased by two percent (2%) of the allowance payable on June 1, 2017. Furthermore, from and after July 1, 2017, the retirement allowance to or on account of beneficiaries whose retirement commenced after January 1, 2017, but before June 30, 2017, shall be increased by a prorated amount of two percent (2%) 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, 2017, and June 30, 2017."
SECTION 5. There is appropriated from the General Fund to the Reserve for Retiree Cost‑of‑Living Adjustments the sum of eighty‑eight million dollars ($88,000,000) for the 2017‑2018 fiscal year and the sum of eighty‑eight million dollars ($88,000,000) for the 2018‑2019 fiscal year to implement the cost‑of‑living adjustment authorized by this act.
SECTION 6. This act becomes effective July 1, 2017.
