Today, the state will pay the largest one-time supplemental bonus in history for benefit recipients of the Teachers’ and State Employees’ Retirement System (TSRS), Consolidated Judicial Retirement System (CJRS), Legislative Retirement System (LRS) and the Local and Governmental Employees’ Retirement System (LGERS).
When retired state employees and teachers check their bank accounts or open their mail, they will find an additional 4% of their annual benefit included with this month’s payment.
The TSERS, CJRS and LRS payments were appropriated by the General Assembly and signed by Gov. Roy Cooper. The LGERS payment will come from retirement funds. The LGERS one-time supplement was approved by the LGERS Board on Jan. 27 following my recommendation and is in line with the funding policy. We were able to provide the LGERS benefit without increasing the rates we charge to cities and counties across the state.
While payments starting in November will return to the levels they would have been without the supplemental increase, the October payment will include a much-needed boost for those who served the citizens of North Carolina as we see rising costs in everyday expenses.
I want to thank the General Assembly, retirement boards, North Carolina League of Municipalities, North Carolina Association of County Commissioners and staff for recognizing a need and providing those that taught, protected or otherwise served the citizens of North Carolina a timely increase to the October benefit.