SENATE BILL NO. 230
AS AMENDED BY
SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 83, TITLE 11 AND CHAPTERS 55 AND 56, TITLE 29, DELAWARE CODE, TO PROVIDE POST—RETIREMENT INCREASES TO PENSIONERS WHO RETIRED ON OR BEFORE JANUARY 1, 1993.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §5532, Chapter 55, Title 29, Delaware Code, by striking said section in its entirety and substituting in lieu thereof a new §5532 to read as follows:
§5532. Any monthly service or disability pension which became effective on or before January 1, 1993 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 January 1, 1993 and is payable on the date this subsection is enacted into law shall be increased effective January 1, 1994, by 1% plus an additional 2% for pensions effective prior to January 1, 1990, up to a maximum of 3% plus .15% for each full month of retirement preceding January 1, 1981 up to a maximum of 9%. These increases shall continue to be paid through June 30, 1994 and every Fiscal year thereafter provided that funds are appropriated in accordance with §5544 of this Chapter."
Section 2. The increases provided by this Act shall not apply to pensions awarded under §5527(d), Chapter 55, Title 29, Delaware Code.
Section 3. Amend §5544, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection to be designated as subsection (d) to read as follows:
"(d)(1) The State's obligation to the State Employees' Pension Trust Fund, the State Judiciary Retirement Fund, and the State Police Retirement Fund to implement the provisions of §5532 of this Chapter shall be the payment required to amortize the unfunded accrued liability over five years from July 1, 1993.
(2) The State's obligation to the Special Pension Fund authorized by Volume 61, Chapter 455, Laws of Delaware, to implement the provisions of §5532 of this Chapter in Fiscal year 1994 shall be the lump sum actuarial liability of the benefits granted."
Section 4. This Act shall become effective on January 1, 1994, provided that there are sufficient funds appropriated in the Fiscal year 1994 Budget Appropriation Act.
Approved July 8, 1993