WHEREAS the pensioners that retired prior to 1976 continue to receive
lump sum increases in lieu of a percentage increase;
WHEREAS the pensioners that
retired between July 1, 2001 and June 30, 2003 have not received a
post-retirement increase or benefit adjustment due to other legislative changes
since their retirement; and
WHEREAS the pensioners that have
retired over the last year would not normally receive a post retirement
increase at this time, but as employees this group of pensioners did not
receive the recent pay supplement that was granted to active
employees.
NOW
THEREFORE:
BE IT
ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend
§5532, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection
to be designated as subsection (k) to read as follows:
“(k)(1) Any monthly service,
disability, and survivor pension based on a former service or disability
pension that was effective on or before June 30, 2001, but after December 31,
1975, and is payable on July 1, 2004 shall be increased effective July 1, 2004
by 2%. Any monthly service, disability,
and survivor pension based on a former service or disability pension that was
effective before January 1, 1976 and is payable on July 1, 2004 shall be
increased effective July 1, 2004 by 2% or $35 per month, whichever is greater. These increases shall continue to be paid
through June 30, 2005 and every fiscal year thereafter provided that funds are
appropriated by the General Assembly in accordance with §5544 of this Chapter.
(2) Any monthly service, disability, and survivor pension based on a
former service or disability pension that was effective on or before June 30,
2003, but after June 30, 2001, and is payable on July 1, 2004 shall be
increased effective July 1, 2004 by 2%.
These increases shall continue to be paid through June 30, 2005 and
every fiscal year thereafter provided that funds are appropriated by the
General Assembly in accordance with §5544 of this Chapter.
(3) Any monthly service, disability, and survivor pension based on a
former service or disability pension that was effective on or before May 31,
2004, but after June 30, 2003, and is payable on July 1, 2004 shall be
increased effective July 1, 2004 by 2%.
These increases shall continue to be paid through June 30, 2005 and
every fiscal year thereafter provided that funds are appropriated by the
General Assembly in accordance with §5544 of this Chapter.”
Section 2. The
increases provided by this Act shall not apply to pensions awarded under
§5527(d), Chapter 55, Title 29, Delaware Code.
Section 3. Amend
§5544, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection
to be designated as subsection (m) to read as follows:
“(m)(1) The State’s obligation to the State Employees’ Pension Plan, the
State Judiciary Retirement Fund, and the New State Police Retirement Fund to
implement the provisions of §5532(k) of this Chapter shall be the payment
required to amortize the unfunded accrued liability over five years from July
1, 2004, pursuant to §5548 of this Chapter.
(2) The State’s
obligation to the Special Pension Fund authorized by Volume 61, Chapter 455,
Laws of Delaware, to implement the provisions of §5532(k) of this Chapter shall
be treated as an actuarial loss during the next actuarial valuation process of
the Special Pension Fund.”
