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DE HB217
Bill
Status
7/13/2011
Primary Sponsor
Edward Bennett
Click for details
AI Summary
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Provides a 2% increase effective January 1, 2012 to monthly service, disability, and survivor pensions for individuals retired on or before June 30, 2010, with continuation contingent on General Assembly appropriations
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Excludes pensions awarded under §5527(d) of Title 29 from the pension increase provisions
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Requires the State to amortize the unfunded accrued liability for pension increases over five years from January 1, 2012 for the State Employees' Pension Plan, Judiciary Retirement Fund, and State Police Retirement Fund
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Grants the Board of Pension Trustees authority to determine the growth rate assumption for the State Employees' Pension Plan, Judiciary Pension Plan, and State Police Pension Plan, replacing fixed rates of 3.75% or 4% per year
Legislative Description
An Act To Amend Title 11 And Title 29 Of The Delaware Code To Provide Post-retirement Increases To Pensioners And Change Actuarial Assumptions In The Judicial, State Police And State Employee Pension Plans.
Last Action
Signed by Governor
7/13/2011