DE SB14

Establishes a State Post Retirement Benefit Fund separate from other pension funds to pay post retirement increases for employees retired under the State Employees' Pension Plan, State Judiciary Plan, and new State Police Pension Plan.

Requires the Board of Pension Trustees to review the Post Retirement Fund balance annually and ensure it does not exceed 2.5% of total projected covered payroll for the three affected pension plans.

Mandates the Board review any General Assembly proposals for post retirement increases and determine if sufficient funds exist in the Post Retirement Fund to support the increase over a 5-year period.

Requires the Board to notify the Governor and General Assembly if additional appropriations are needed to fund proposed post retirement increases.

Requires that pensions effective 20 or more years prior to an increase receive a greater increase than pensions effective less than 20 years prior, and specifies that any increases shall not be substantively automatic.