AN ACT TO CREATE A PENSION STUDY COMMITTEE AND TO MAHE A SUPPLEMENTARY APPROPRIATION THEREFOR.
WHEREAS, a special committee of State officials and public spirited citizens have recently completed a comprehensive study of the State's pension programs, and have reported thereon to the Governor and the General Assembly, recommending comprehensive changes in and a redrafting of the State pension law, with particular reference to a system of funding that will end the present pay-as-you-go system and provide for the orderly establishment of a reserve fund that will ensure the State's ability in future years to meet its obligations to present and future pensioners; and
WHEREAS, it is essential to the accomplishment of this purpose that proper redrafting of the present law be accomplished at the earliest possible date, to enable legislative consideration prior to adjournment of the current session of the General Assembly; and
WHEREAS, it is also important that other needs pointed out in the said report be studied and effective solutions be presented for consideration as soon as feasible;
Be it enacted by the General Assembly of the State of Delaware:
Section 1. The Governor is hereby empowered to appoint a Pension Study Committee in such numbers and with such membership as he may deem appropriate to accomplish the purposes of this resolution.
Section 2. The Committee shall submit to the Governor and General Assembly by no later than June 15, 1969, a proposed redraft of the State Pension Law that will accomplish the purposes of the report referred to above.
Section 3. The Committee shall submit a further report to the Governor and General Assembly by no later than April 15, 1970, covering their recommendations and, where appropriate, legislative draft language, on the following subjects:
1. Design of future administration, including an effective system of records and operating procedures.
2. Analysis of, and recommendations for, changes in relationship of present University of Delaware coverage and the Teachers Insurance and Annuity Association.
3. Effective funding arrangements for the State Police and Judiciary pension plans.
4. Exploration of the feasibility of extending to county and municipal governments participation in a single public employees' pension system under State administration.
Section 4. There is hereby appropriated to the Governor for the purposes set forth above the sum of $25,000 for necessary consultative services and committee expenses, including the preparation of reports.
Approved June 19, 1969.