FORMERLY SENATE BILL NO. 336
AN ACT DIRECTING THE BOARD OF PENSION TRUSTEES TO CONDUCT REVIEWS AND ACTUARIAL EVALUATIONS OF THE STATE POLICE PENSION PLAN AND THE PENSION PLAN FOR THE JUDICIARY, AND TO MAKE RECOMMENDATIONS TO THE SECOND SESSION OF THE 126TH GENERAL ASSEMBLY FOR APPROPRIATE LEGISLATIVE ACTION TO IMPROVE AND TO PROVIDE FOR THE SOLVENCY OF SUCH PLANS.
Be it enacted by the General Assembly of the State of Delaware:
WHEREAS, as a result of the work of a special Governor’s Pension Study Committee and the recommendations of the Governor of Delaware, the 125th General Assembly enacted into law a comprehensive revision of the State Employees Pension Plan, providing for an equitable system of benefits for State employees, the establishment of a Pension Trust Fund, and the development of an actuarially sound schedule of employee and State contributions to such Trust Fund, providing for the proper funding of past, present and anticipated obligations, to ensure the solvency of such Fund; and
WHEREAS, in the same statute and the reorganization legislation enacted by the said 125th General Assembly, the administration of all the pension systems of the State of Delaware was vested in a new Board of Pension Trustees; and
WHEREAS, in its final report to the Governor and the 125th General Assembly, the said Governor’s Pension Study Committee recommended that similar study and evaluation be made promptly of the State Police Pension Plan and the Pension Plan for the Judiciary, to the end that these plans shall also be funded and placed upon an actuarially sound basis; and
Section 1. The Board of Pension Trustees is hereby directed to undertake forthwith a review of the provisions of the State
Police Pension Plan and of the Pension Plan for the Judiciary, including an _ctuarial evaluation of each such plan.
Section 2. The Board of Pension Trustees shall report to the Governor and the 126th General Assembly, by no later than March 1, 1972, its recommendations for changes in these plans required to ensure equitable benefits for those in coverage thereunder, including their dependents, and to establish appropriate systems of contributions and reserves, that will over a designated period of years ensure the financial solvency of these Funds and of the ability of the State of Delaware to meet its commitments to pensioners and their dependents.
Section 3. The costs of such studies and reports shall be considered properly chargeable to the Pension Trust Fund.
Section 4. It is the sense of the 126th General Assembly that pending the receipt of and action upon such reports and recommendations, no substantive changes shall be made in the State Police Pension Plan or the Pension Plan for the Judiciary.
Approved July 1, 1971.