SENATE BILL NO. 72
AN ACT TO AMEND CHAPTER 55, TITLE 29, DELAWARE CODE, TO PROVIDE POST-RETIREMENT INCREASES TO PENSIONERS WHO RETIRED PRIOR TO 1978 AND PROVIDING A SUPPLEMENTAL APPROPRIATION THEREFOR.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §5532, Chapter 55, Title 29, Delaware Code, by adding a new subsection (e) to read as follows:
"(e) Any monthly service, survivor or disability pension which became effective before January 1, 1978, and is payable on the date this subsection is enacted into law shall be increased effective January 1, 1979, by ;1.00 per year of service to a maximum of $20.00 per month, based on the number of years spent in State service, or 5 percent of the current monthly pension, whichever is greater. These increases shall continue to be paid through June 30, 1979, and every fiscal year thereafter provided that funds are appropriated in accordance with S5544(g) of this Chapter.
The percentage increases in pensions provided for herein shall be applied to the correct amount determined as a result of audits made between May 1971 and June 1972 and shall only be paid to an individual if such correct amount, inclusive of such increase exceeds the amount of any pension being paid in accordance with S5533(b) of this Title."
Section 2. The sum of ;700,000.00 is hereby appropriated to the State Employees Pension Trust Fund for Fiscal 1979 for the purpose of paying the benefits of this Act through June 30, 1979. These funds shall be paid by the State Treasurer out of monies not otherwise appropriated from the General Fund of the State of Delaware.
Section 3. Amend §5544, Chapter 55, Delaware Code, by adding thereto a new subsection to be designated as subsection (g) to read as follows:
"(g) The State's appropriation to the Fund, to implement the provisions of §5532(e), for the fiscal year 1980 and for each fiscal year thereafter shag be the payment required to amoritize the unfunded accrued liability over two (2) years from July 1, 1979."
Section 4. The effective date of this Act shall be sixty (60) days after the date of its enactment into law.
Approved February 13, 1979.