CHAPTER 450
FORMERLY
SENATE BILL NO. 44
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 DECEMBER 1, 1990.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Section 5532, Chapter 55, Title 29, Delaware Code, by redesignating Section 5532 as subsection 5532(a).
Section 2. Amend Section 5532, Chapter 55, Title 29, Delaware Code, by
adding thereto a new subsection to be designated as subsection (b) to read as follows:
"5532(b). Any monthly service or disability pension which became
effective on or before December 1, 1990 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 December 1, 1990 and is payable on the date this subsection is enacted into law shall be increased effective April 1, 1995, by 2% plus .10% for each full month of retirement preceding January 1, 1981 up to a maximum of 15%. These increases shall continue to be paid through June 30, 1995 and every Fiscal year thereafter provided that funds are appropriated in accordance with §5544 of this Chapter."
Section 3. The increases provided by this Act shall not apply to pensions awarded under Section 5527(d), Chapter 55, Title 29, Delaware Code.
Section 4. Amend Section 5544, Chapter 55, Title 29, Delaware Code, by
striking Section "5532" as the same appears in subsections (d)(1) and (d)(2) thereof, and substituting in lieu thereof the Section "5532(a)."
Section 5. Amend Section 5544, Chapter 55, Title 29, Delaware Code, by
striking the date "July 1, 1993" as the same appears in said section and substituting in lieu thereof the date "January 1, 1994."
Section 6. Amend Section 5544, Chapter 55, Title 29, Delaware Code, by
adding thereto a new subsection to be designated as subsection (e) to read as follows:
"(e)(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 Section 5532(b) of this Chapter Shall be the payment required to amortize the unfunded accrued liability over five years from April 1, 1995.
(2) The State's obligation to the Special Pension Fund authorized by Volume 61, Chapter 455, Laws of Delaware, to implement the provision of Section 5532(b) of this Chapter in Fiscal year 1995 shall be the lump sum actuarial liability of the benefits granted."
Section 7. This Act shall become effective on April 1, 1995, provided that there are sufficient funds appropriated in the Fiscal year 1995 Budget Appropriation Act.
Approved July 21, 1994.