The 3% raise would apply to individuals who retired on or before July 1, 2023. Those who retired after this date and up to June 30, 2024, would receive a prorated amount.
Funding and Legislative Journey
The $231 million required for this enhancement would be sourced from the state’s general fund. It would be distributed among several retirement systems, including the Teachers’ And State Employees’ Retirement System, the Consolidated Judicial Retirement System, the Legislative Retirement System, and the Local Governmental Employees’ Retirement System.
Introduced by Rep. Carolyn G. Logan, D-Mecklenburg County, and supported by other key Democrats such as Reps. Rosa Gill, D-Wake County, and Nasif Majeed, D-Mecklenburg County, the bill has already passed its initial vote. It now moves to the state House appropriations committee, which is predominantly Republican. The committee’s approval is crucial for the bill to proceed to a full House vote.
Looking Ahead
The fate of this significant financial proposal lies in the hands of the appropriations committee. If they find the proposal favorable, it will be forwarded to the state House rules committee for scheduling. This move could mark a substantial improvement in the financial well-being of many of North Carolina’s retired workers, reflecting a strong legislative effort to support those who have served the state.
