SENATE BILL NO. 417
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 39 OF TITLE 14 AND CHAPTERS 55 AND 56, TITLE 29, DELAWARE CODE, TO PROVIDE POST-RETIREMENT INCREASES TO PENSIONERS WHO RETIRED ON OR BEFORE JULY 1, 1985.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Sec. 5532, Chapter 55, Title 29, Delaware Code, by adding a new subsection (g) to read as follows:
"(8) Any monthly service or disability pension which became effective on or before July 1, 1985 and is payable on the date this subsection is enacted into law and any survivor pension based on a former service or disability pension that was effective on or prior to July 1, 1985 and is payable on the date this subsection is enacted into law shall be increased effective July 1, 1986, by 2% plus 1/12 of 1% for each full month of retirement preceding July 1, 1985, up to a maximum of 24 months. These increases shall continue to be paid through June 30,_1987, and every fiscal year thereafter provided that funds are appropriated in accordance with Sec. 5544 (i) of this Chapter."
Section 2. Amend Section 3909, Chapter 39, Title 14 of the Delaware Code, by adding thereto a new subsection to be designated as subsection (d) to read as follows:
"(d) Any pension under this Chapter that is payable on the date this subsection is enacted into law shall be increased effective July 1, 1986, by $30 a month."
Section 3. Amend Sec. 5544, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection to be designated as subsection (i) to read as follows:
"(i) The State's obligation to the State Employees' Pension Trust Fund and the State Judiciary Retirement Fund to implement the provisions of Sec. 5532 (g) of this Chapter shall be the payment required to amortize the unfunded accrued liability over three years from July 1, 1986.
The State's obligation to the Special Pension Fund authorized by Volume 61, Chapter 455, Laws of Delaware, to implement the provisions of Sec. 5532 (g) of this Chapter in fiscal year 1987 shall be the lump sum actuarial liability of the benefits granted."
Section 4. This Act shall become effective on July 1, 1986, provided that there are sufficient funds appropriated in the Fiscal Year 1987 Budget Appropriation Act.
Approved July 9, 1986.