Nc State Retirees Pay Raise 2023 NC House Includes 2 COLA for State Retirees in 2023 Biennium Budget By Tim O Connell Executive Director of North Carolina Retired Governmental Employees Association March 30 2023 On behalf of our association s close to 66 000 members we want to thank the efforts of both the executive branch and our House legislative leadership
A 4 pay raise in 2023 and a 3 raise in 2024 for most state employees including non certified school personnel community college and UNC employees A 4 one time supplement for retirees in 2023 RALEIGH N C WNCN The State of North Carolina will pay a one time supplement to benefit recipients who retired on or before Oct 1 2023 and are members of the Teachers and State
Nc State Retirees Pay Raise 2023
Nc State Retirees Pay Raise 2023
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The 30 billion NC state budget drafted by the Republican majority legislature and unveiled Wednesday includes raises for state employees and teachers Here s a look at the raises Retirees in North Carolina will receive a cost of living adjustment COLA of up to 8 7 in January 2023 This is the highest COLA since 1981 and is designed to help retirees maintain their purchasing power in the face of inflation The exact amount of the raise will vary depending on the recipient s current benefit amount
The Teachers and State Employees Retirement System TSERS and the Local Governmental Employees Retirement System LGERS are defined benefit plans Defined benefit plans use a formula to calculate monthly retirement benefits once eligibility requirements have been met Your contributions your employer s contributions and the investment earnings on total contributions pay the cost The budget includes a 4 percent bonus for retired teachers and state government employees This 4 percent bonus will be distributed in November 2023 Retirees may receive an additional bonus or a cost of living adjustment next year in the 2024 legislative short session
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On Wednesday just before the opening of the General Assembly s short session Gov Roy Cooper called on legislators to increase the upcoming pay raise for state employees offer retention bonuses and provide a one time bonus for retirees The legislature passed a two year budget during the 2023 long session that already includes a 3 pay The House proposed a raise of 4 25 in 2023 and 3 25 in 2024 for a total of 7 5 SEANC continues to press for 5 raises each of the next two years with a significant bonus and 2 true COLA for retirees Please be sure to contact your legislators to ask them to support meaningful raises and bonuses and cost of living adjustments for retirees
The House released its proposed state budget Monday night including raises for state employees Under the proposal all state agency employees would see pay increases State agency employee salaries would increase by an additional 1 from fiscal year 2023 to 2024 jumping from 3 initially planned to 4 Members of the Council of State would 2023 2024 Session House Bill 930 Public Filed Tuesday April 30 2024 AN ACT TO PROVIDE AND APPROPRIATE FUNDS FOR A COST OF LIVING ADJUSTMENT 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
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Nc State Retirees Pay Raise 2023 - The Teachers and State Employees Retirement System TSERS and the Local Governmental Employees Retirement System LGERS are defined benefit plans Defined benefit plans use a formula to calculate monthly retirement benefits once eligibility requirements have been met Your contributions your employer s contributions and the investment earnings on total contributions pay the cost