GENERAL ASSEMBLY OF NORTH CAROLINA

SECOND EXTRA SESSION 1996

H	1 

HOUSE BILL 12

Short Title:  State and Local COLAs.	(Public)

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Sponsors: Representatives McCombs; G. Miller and Ives.

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Referred to:  Rules, Calendar, and Operations of the House.

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July 8, 1996

A BILL TO BE ENTITLED
AN ACT TO MAKE COST-OF-LIVING ADJUSTMENTS IN STATE AND LOCAL RETIREMENT SYSTEMS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 135-5 is amended by adding a new subsection to read:
"( bbb)	From and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 1995, shall be increased by four percent (4%) of the allowance payable on July 1, 1995, in accordance with G.S. 135-5(o). Furthermore, from and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 1995, but before June 30, 1996, shall be increased by a prorated amount of four percent (4%) 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, 1995, and June 30, 1996."
Sec. 2.  G.S. 135-65 is amended by adding a new subsection to read:
"( q)	From and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 1995, shall be increased by four percent (4%) of the allowance payable on July 1, 1995.  Furthermore, from and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 1995, but before June 30, 1996, shall be increased by a prorated amount of four percent (4%) 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, 1995, and June 30, 1996."
Sec. 3.  G.S. 120-4.22A is amended by adding a new subsection to read:
"( k)	In accordance with subsection (a) of this section, from and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before January 1, 1996, shall be increased by four percent (4%)  of the allowance payable on January 1, 1996.  Furthermore, from and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced after January 1, 1996, but before June 30, 1996, shall be increased by a prorated amount of four percent (4%) 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, 1996, and June 30, 1996."
Sec. 4.  G.S. 128-27 is amended by adding a new subsection to read:
"( rr)	From and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced on or before July 1, 1995, shall be increased by four percent (4%) of the allowance payable on July 1, 1995, in accordance with G.S. 128-27(k). Furthermore, from and after July 1, 1996, the retirement allowance to or on account of beneficiaries whose retirement commenced after July 1, 1995, but before June 30, 1996, shall be increased by a prorated amount of four percent (4%) 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, 1995, and June 30, 1996."
Sec. 5.  This act becomes effective July 1, 1996.