HOUSE BILL NO. 123
AN ACT TO AMEND CHAPTER 19, TITLE 29, DELAWARE CODE, RELATING TO THE FISCAL PROJECTIONS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Section 1901, Chapter 19, Title 29 of the Delaware Code by redesignating all of the present section as new subsection (a) of said section, and by adding thereto a new subsection (b), which shall read as follows:
"(b) Any bill or Joint Resolution in either House of the General Assembly which relates to any public pension or retirement plan applicable to any person including, but not limited to, any public employee, officer, or appointee of the State of Delaware that would authorize or necessarily involve expenditures not authorized within the annual budget for the fiscal year in which the expenditure is to be incurred or which, because of the provisions of the bill or Joint Resolution, would authorize or necessarily involve expenditures not specifically provided for in the bill or Joint Resolution, shall include a fiscal projection reflecting the estimated actuarial long-term cost of the proposed bill or resolution whether or not such pension or retirement plan is funded on an actuarial reserve basis. The long-term fiscal projection shall be attached by the sponsor prior to its initial committee consideration in the House of origin."
Section 2. Amend Section 1902, Chapter 19, Title 29 of the Delaware Code by inserting the following sentence in front of the last sentence in said section:
"In the case of a bill or Joint Resolution authorizing expenditures or relating to pension or retirement plan as defined by Section 1901 (b) of this Chapter, such projection shall, in addition to the other requirements of this section, state the estimated actuarial long-term cost of the proposed bill or Joint Resolution as obtained by the Controller General from the Board of Pension Trustees or other qualified actuarial source."
Approved January 22, 1980.