NC Treasurer announces largest one-time supplemental bonus for state retirees

RALEIGH — N.C. State Treasurer Dale Folwell announced the largest one-time supplemental bonus for state retirees of an additional four percent in this month’s payment.

The bonus will go to 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). 

“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,” said Folwell in a press release dated Oct. 25.”

“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.” 

Payments starting in November will return to the levels they would have been without the supplemental increase, according to the press release.

“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,” said Folwell. 

By A.P. Dillon