Monday, October 23, 2023

Statement from State Treasurer Dale R. Folwell on 4% Retiree Payment

One-Time Supplemental Payment Granted by General Assembly for TSERS, CJRS and LRS
Raleigh, NC
Oct 23, 2023

For the second time in as many years, the state 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).

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, 2023. 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.

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.

I want to thank the General Assembly, and the taxpayers who funded it, for delivering a timely increase which will provide needed support to those that teach, protect or otherwise serve the citizens of North Carolina.