AN ACT TO AMEND CHAPTER 83, TITLE II, AND CHAPTERS 55 AND 56, TITLE 29, DELAWARE CODE, TO PROVIDE POST-RETIREMENT INCREASES TO PENSIONERS.
Section 1. Amend §5532, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection to be designated as subsection (c) to read as follows:
"5532(c). Any monthly service or disability pension which became effective on or before July I, 1995 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 before July 1, 1995 and is payable on the date this subsection is enacted into law shall be increased effective July I, 1996, by 2% plus I% for pensions that were effective prior to January 1, 1980. These increases shall continue to be paid through June 30, 1997 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 §5532, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection to be designated as subsection (d) to read as follows:
"5532(d) Any monthly service or disability pension which became effective on or after July 1, 1976 and is payable on the date this subsection is enacted into lane and any survivor pension based on a former service or disability pension which became effective on or after July 1, 1976 and is payable on the date this subsection is enacted into law shall also be increased effective July 1, 1996 by the amount of difference between the pensioner's computed benefit under §5527tai of this title as effective July I, 1996 less the benefit previously awarded under §5527(a)(1) and (2) of this title."
Section 4. Amend §5544, Chapter 55, Title 29, Delaware Code, by adding thereto a no% subsection to be designated as subsection (f) to read as follows:
"(f)(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(c) and §5532(d) of this Chapter shall he the payment required to amortize the unfunded accrued liability over live years from July 1, 1996.
(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(c) of this Chapter in Fiscal year 1997 shall be the lump sum actuarial liability of the benefits granted.
These increases shall continue to be paid through June 30, 1997 and every Fiscal year thereafter provided that funds are appropriated in accordance with §5544 of this Chapter.-