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DE SB279
Bill
AI Summary
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Increases monthly service, disability, and survivor pensions by 1% effective July 1, 2012 for pensioners whose benefit became effective on or before June 30, 2011.
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Pension increases continue to be paid through June 30, 2013 and every fiscal year thereafter, subject to appropriation by the General Assembly.
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State's obligation to fund increases for State Employees' Pension Plan, State Judiciary Retirement Fund, and New State Police Retirement Fund shall be amortized over five years from July 1, 2012.
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Special Pension Fund obligations for implementing increases shall be treated as an actuarial loss in the next actuarial valuation process.
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Increases do not apply to pensions awarded under §5527(d)(1) of Title 29.
Legislative Description
An Act To Amend Title 29 Of The Delaware Code To Provide Post-retirement Increases To Pensioners And Pensions.
Last Action
Signed by Governor
7/1/2012