SENATE BILL NO. 296
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND §5533, TITLE 29, DELAWARE CODE, RELATING TO ADJUSTMENTS OF STATE EMPLOYEE PENSION BENEFITS.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend §5533, Title 29 of the Delaware Code, by striking said section in its entirety and substituting in lieu thereof the following:
§5533. Adjustment of benefits
(a) On and after July 1, 1972, no pension which has been in effect for three years shall be subject to adjustment.
(b) The amount of any pension which became effective before 1971 shall be the greater of :
(1) the monthly pension paid in December 1970,
(2) the correct amount determined as a result of audits made between May 1971 and June 1972, inclusive of any increases provided before 1972.
(c) Any pension overpayments discovered as a result of audits made between May 1971 and June 1972 shall not be subject to recovery.
Section 2. The effective date of this Act shall be September 1, 1974, with pension benefits retroactive to the date of adjustment.
Approved July 17, 1974.