CHAPTER 152
FORMERLY
SENATE BILL NO. 232
AN ACT TO AMEND TITLE 29, DELAWARE CODE, TO PROVIDE POST-RETIREMENT INCREASES TO PENSIONERS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend §5532, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection to be designated as subsection (g) to read as follows:
“(g). Any monthly service, disability, and survivor pension based on a former service or disability pension that was effective on or before July 1, 1998 but after December 31, 1979 and is payable on the effective date of this subsection shall be increased effective July 1, 1999 by 2%. Any monthly service, disability, or survivor pension based on a former service or disability pension that was effective prior to January 1, 1980. Shall be increased effective July 1, 1999 by 3% or $25 per month, whichever is greater. These increases shall continue to be paid through June 30, 2000 and every fiscal year thereafter provided that funds are appropriated by the General Assembly 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 (i) to read as follows:
“(i)(1) The State’s obligation to the State Employees’ Pension Plan, the State Judiciary Retirement Fund, and the New State Police Retirement Fund to implement the provisions of §5532(g) of this Chapter shall be the payment required to amortize the unfunded accrued liability over five years from July 1, 1999.
(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(g) of this Chapter in fiscal year 2000 shall be the lump sum actuarial liability of the benefits granted.”