Increases retirement allowances for North Carolina state and local government retirees by 3%.

The bill provides a cost-of-living adjustment (COLA) for retirees of the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, the Legislative Retirement System, and the Local Governmental Employees' Retirement System. Effective July 1, 2025, retirees who began receiving benefits on or before July 1, 2024, will receive a 3% increase. Retirees who began receiving benefits after July 1, 2024, but before June 30, 2025, will receive a prorated 3% increase based on the number of months they received benefits.

Increases retirement allowances for North Carolina state and local government retirees by 3%.

The bill provides a cost-of-living adjustment (COLA) for retirees of the Teachers' and State Employees' Retirement System, the Consolidated Judicial Retirement System, the Legislative Retirement System, and the Local Governmental Employees' Retirement System. Effective July 1, 2025, retirees who began receiving benefits on or before July 1, 2024, will receive a 3% increase. Retirees who began receiving benefits after July 1, 2024, but before June 30, 2025, will receive a prorated 3% increase based on the number of months they received benefits.