DE SB62

Establishes an annual cost of living adjustment (COLA) for state retirees effective July 1, 2019, equal to the cumulative percentage increase in the national consumer price index (CPI) from the previous calendar year.

Prohibits pension benefit reductions if the CPI decreases in any calendar year, ensuring adjustments only increase or remain flat.

Excludes pensions awarded under §5527(d)(1) of Delaware Code from receiving these cost of living adjustments.

Directs the State to amortize the unfunded accrued liability for implementing this COLA over five years from July 1, 2019, for the State Employees' Pension Plan, State Judiciary Retirement Fund, and New State Police Retirement Fund.

Requires the Special Pension Fund to treat the cost of implementing this COLA as an actuarial loss during its next actuarial valuation.