NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

CHAPTER 1240

SENATE BILL 1083

AN ACT TO PROVIDE FOR AN ADJUSTING INCREASE IN PENSION AND RETIREMENT ALLOWANCES FOR RETIREES AND SURVIVING BENEFICIARIES IN THE NORTH CAROLINA LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 128-27 is amended by adding a new subsection (x) to read as follows:

"(x)       Increases in benefits to those persons who were retired prior to July 1, 1978. From and after July 1, 1980, the monthly benefits to or on account of persons who commenced receiving benefits from the system prior to July 1, 1978, shall be increased by a percentage in accordance with the following schedule:

Period in Which Benefits Commenced                                              Percentage

On or before June 30, 1959                                                              10%

July 1, 1959, to June 30, 1968                                                            7%

July 1, 1968, to June 30, 1978                                                            2%

This increase shall be calculated independent of any other post-retirement increase, without compounding, otherwise payable from and after July 1, 1980.

Sec. 2.  This act shall become effective July 1, 1980.

In the General Assembly read three times and ratified, this the 24th day of June, 1980.