H583: Give LGERS Retirees 2% Bonus. Latest Version

AN ACT providing ONE‑TIME COST‑OF‑LIVING SUPPLEMENTS FOR RETIREES of the local governmental employees' retirement system.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 128‑27 is amended by adding one new subsection to read:

(hhh)  In accordance with subsection (a) of this section, on or before October 31, 2021, a one‑time cost‑of‑living supplement payment shall be made to or on account of beneficiaries who are living as of September 1, 2021, and whose retirement commenced on or before September 1, 2021. The payment shall be two percent (2%) of the beneficiary's annual retirement allowance payable as of September 1, 2021, and shall not be prorated for date of retirement commencement. If the beneficiary dies before the payment is made, then the payment shall be payable to the member's legal representative. No beneficiary shall be deemed to have acquired a vested right to any future supplemental payments.

SECTION 2.  This act becomes effective July 1, 2021.