Bill Text: DE HB387 | 2011-2012 | 146th General Assembly | Engrossed
Bill Title: An Act To Amend Title 18 Of The Delaware Code Relating To Special Funds.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Vetoed) 2012-08-17 - Vetoed by Governor [HB387 Detail]
Download: Delaware-2011-HB387-Engrossed.html
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SPONSOR: |
Rep. Mitchell & Sen. McDowell, Reps. Brady, J. Johnson, Keeley |
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HOUSE BILL NO. 387 AS AMENDED BY HOUSE AMENDMENT NO. 1 |
Section 1.Amend § 708(c)(1), Title 18 of the Delaware Code by making insertions as shown by underlining immediately following the existing language therein as follows:
a.
1.The State Board of Pension Trustees shall distribute funds from the account within the special fund to the county or municipality participants for the benefit of all eligible individuals who are retired prior to July 1, 2010 and who are otherwise eligible to receive payment on July 1, 2012, with such amounts to be distributed by September 1, 2012, consistent with the following:
Eligible retirees shall be placed into the following three categories:Category (1) - Individuals who have been retired for greater than or equal to twenty (20) years, and such category shall include each surviving beneficiary;Category (2) - Individuals who have been retired for greater than or equal to ten (10) years but less than twenty (20) years; and Category (3) - Individuals who have been retired for less than ten (10) years.The distribution for Category (1) shall be 3 times the distribution for Category (3), and the distribution for Category (2) shall be 2 times the distribution for Category (3)."Eligible retiree" is defined for purposes of this section as any individual who is alive on the last day of the current fiscal year and who was retired prior to the end of the fiscal year two (2) years prior to the current fiscal year's end.
2.On each biennial anniversary starting from September 1, 2012 and each biennial anniversary thereafter, the State Board of Pension Trustees shall make funds available for distribution from such special fund, in an amount to be determined by the State Board of Pension Trustees, so long as at least $500,000 remains in such fund after any distribution therefrom has been made to eligible individuals.The total amount available for distribution in any given year shall be determined by August 1 of such year.No distribution made pursuant to this subsection a. shall be deemed to be a post-retirement increase.
