New Law Increases Contribution and Monthly Retirement Benefit to members of the Firefighters’ and Rescue Squad Workers’ Pension Fund
- Effective January 1, 2025, the contribution rate required for members during their 20 years of contributing service will increase by $5 per month, from $10 to $15.
- Effective January 1, 2025, the monthly pension benefit will increase by $5 per month, from $170 to $175
On July 2, 2024, Governor Cooper signed Senate Bill 319 which:
- Increases all FRSWPF monthly member contributions to $15.00
- Increases the monthly retirement benefit for eligible FRSWPF members to $175.00
On July 8, Governor Cooper signed Senate Bill 559 which:
- Increases the cost to purchase service credit for FRSWPF members from $10 to $15 to coincide with the increase in monthly member contributions and increase in the monthly retirement benefit
- Makes January 1, 2025, the effective date for monthly contribution and benefit increases
- Confirms that members will have until March 31, 2025, to make contributions for the 2024 calendar year at the $10/month contribution rate.
March 31, 2025 - In order to be properly credited, your contributions for each calendar year must be received by the Retirement Systems office no later than March 31 of the following year. Contributions for the year can be submitted any time prior to this date. Contributions must be submitted in the form of a check. We do not accept cash payments for contributions. For 2024, the member contribution is $10 per month ($120 per year).
Mail your contributions to:
Firefighters’ and Rescue Squad Workers’ Pension Fund
Department of State Treasurer
3200 Atlantic Avenue
Raleigh, NC 27604
As the new year approaches, we recommend reviewing your beneficiary designations for all of your accounts, including the Firefighters’ and Rescue Squad Workers’ Fund. If you have not yet designated a beneficiary for the FRSWPF, please submit a properly completed Form 2FR (Designating Beneficiaries) as soon as possible – Specialty.Plans@nctreasurer.com.
View the Firefighters’ and Rescue Squad Workers’ Pension Fund Handbook.