DE SB261

Grants 1% pension increase effective January 1, 2015 to retired state employees, judges, state police, and county/municipal police and firefighters whose pension benefit was effective on or before June 30, 2013.

Increases continue annually through June 30, 2015 and every fiscal year thereafter, contingent upon appropriation by the General Assembly.

Excludes pensions awarded under §5527(d)(1) of Chapter 55, Title 29 from receiving these increases.

State's obligation to amortize unfunded accrued liability for the State Employees' Pension Plan, State Judiciary Retirement Fund, and New State Police Retirement Fund over five years from January 1, 2015.

Special Pension Fund (Volume 61, Chapter 455, Laws of Delaware) shall treat implementation costs as an actuarial loss in its next actuarial valuation process.