CHAPTER 574
FORMERLY SENATE BILL
NO. 777
AN ACT DIRECTING THE BOARD OF PENSION TRUSTEES TO CONDUCT A STUDY OF THE FEASIBILITY AND THE PROPER FUNDING OF A COMMON PENSION PLAN TO COVER ALL PUBLIC EMPLOYEES IN THE STATE OF DELAWARE, INCLUDING COUNTY AND MUNICIPAL EMPLOYEES, BUT EXCEPTING THE STATE POLICE AND JUDICIARY, AND TO MAKE RECOMMENDATIONS TO THE 127th GENERAL ASSEMBLY FOR APPROPRIATE LEGISLATIVE ACTION TO CREATE AND TO FINANCE PRUDENTLY SUCH A UNIFIED SYSTEM OF PENSION BENEFITS.
WHEREAS, a number of bills having been introduced during the 126th General Assembly to grant state employees credit for county and municipal public service in computing the amount of their pension benefits; and
WHEREAS, a public hearing was held on these and other bills on the 7th of June, 1972, during which a number of briefs and arguments were presented; and
WHEREAS, the Board of Pension Trustees and their consultants have pointed out the potential conflicts, duplications, and inequities which could result from piecemeal legislation on this complicated subject.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. The Board of Pension Trustees is hereby directed to undertake forthwith a study of the advisability and feasibility of establishing a common pension fund for all public employees in the State of Delaware, excepting the State Police and Judiciary.
Section 2. The Board of Pension Trustees is hereby directed
to report to the Governor and the 127th General Assembly by no
later than April 1, 1973, its recommendations for the establishment of such a plan in Delaware which would be required to ensure equitable benefits for all those in coverage thereunder, including their dependents and to establish appropriate systems of contributions and reserves, that will over a designated period of years, ensure the financial solvency of such a plan and the ability of the State of Delaware and its counties and municipalities which agree to participate therein to meet their commitments to pensioners and their dependents.
Section 3. The cost of such a study will be considered properly chargeable to the Pension Trust Fund.
Section 4. It is the sense of the 126th General Assembly that, pending the receipt and action upon such report, no changes shall be made in the present State Employees Pension Plan regarding credit for county or municipal service.