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 Employees’ Retirement System (TSERS), Consolidated Judicial Retirement System (CJRS) and the Legislative Retirement System (LRS).
State Treasurer Dale Folwell made the announcement Monday in a released statement. This will be the second time in as many years that these government retirees will receive these bonuses.
For most retired state employees and teachers, the Oct. 25 payment will include an additional 4% of their annual benefit.
These funds did not come from the Plan itself as they were appropriated by the General Assembly as a part of the budget passed on Oct. 3, according to Folwell. The payments will not reduce the funded ratio of the State System.
This one-time payment is equal to 4% of the annual retirement allowance.
“Once paid, monthly benefit payments will return to the levels they would have been without the supplemental increase,” Folwell stated.
This one-time supplement does not apply to benefit recipients of the Local Governmental Employees’ Retirement System (LGERS), where a benefit increase may be granted by the LGERS Board of Trustees within certain statutory limitations.