Bill Text: NC H616 | 2015-2016 | Regular Session | Amended
Bill Title: Local Governmental Employees' Retire. COLA
Sponsorship: Moderate Partisan Bill (Democrat 10-3)
Status: (Introduced - Dead) 2015-04-30 - Ref To Com On Rules and Operations of the Senate [H616 Detail]
Download: North_Carolina-2015-H616-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
H 1
HOUSE BILL 616
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Short Title: Local Governmental Employees' Retire. COLA. |
(Public) |
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Sponsors: |
Representative McNeill (Primary Sponsor). 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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April 13, 2015
A BILL TO BE ENTITLED
AN ACT to provide cost‑of‑living increases for members of the local governmental employees' retirement system.
The General Assembly of North Carolina enacts:
SECTION 1.(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 (.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 a 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, 2008, and June 30, 2009.
(lll) 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, in accordance with subsection (k) of this section. 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 1.(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 2. This act becomes effective July 1, 2015.
