Retired state employees may have noticed a slight bump in their retirement checks that hit their bank accounts today. It’s not an error; rather, it’s a one-time supplement to benefit recipients who retired on or before Oct. 1, 2023, and who are members of the Teachers’ and State Employees’ Retirement System, Consolidated Judicial Retirement System and the Legislative Retirement System.
For most retired state employees and teachers, the Oct. 25 payment includes an additional 4 percent of their annual benefit – that amounts to $40 for a $1,000 retirement check.
These funds did not come from the Plan itself, N.C. Treasurer Dale Folwell said in a press statement. The money was appropriated by the General Assembly as a part of the budget passed earlier this month. The one-time payments will not reduce the funded ratio of the State System, Folwell noted.
This one-time supplement does not apply to benefit recipients of the Local Governmental Employees’ Retirement System, where a benefit increase may be granted by the LGERS Board of Trustees within certain statutory limitations.