Delaware General Assembly


CHAPTER 397

FORMERLY

SENATE BILL NO. 282

AN ACT TO AMEND CHAPTER 83, TITLE 29 OF THE DELAWARE CODE REGARDING THE AUTHORITY OF THE BOARD OF PENSION TRUSTEES TO LEVY INTEREST PENALTIES AND LATE PAYMENT ASSESSMENTS.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §8308, Title 29, of the Delaware Code, by adding a new subsection (m) thereto to read as follows:

“(m) The Board of Pension Trustees shall have the authority to levy interest penalties on participating employers in the Delaware Public Employees Retirement System, who fail to remit employee and employer pension contributions to the Delaware Public Employees’ System when due. In the exercise of this authority the Board of Pension Trustees shall adopt such rules and regulations as are necessary to encourage the timely payment of these funds, to provide a mechanism to collect overdue contributions, and to reimburse the Delaware Public Employees’ Retirement System for lost investment revenue. These actions may include, among other actions, the imposition of interest and/or the adoption of an assessment for late payment of contributions by an employer at a rate not to exceed the Board’s economic assumption for investment return.”

Approved July 21, 2008