Source: http://delcode.delaware.gov/sessionlaws/ga140/chp439.shtml
Timestamp: 2014-07-30 11:09:30
Document Index: 465768977

Matched Legal Cases: ['§ 8901', '§8308', '§ 8902', '§ 8903', '§ 8904', '§ 8905', '§ 8906', '§8308']

AN ACT TO AMEND TITLE 11, DELAWARE CODE, RELATING TO THE ESTABLISHMENT OF A DELAWARE COUNTY AND MUNICIPAL POLICE/FIREFIGHTERS' RETIREE PENSION PLAN. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend Title 11, Delaware Code, by adding thereto a new Chapter 89 to read as follows:
“CHAPTER 89. DELAWARE COUNTY AND MUNICIPAL
POLICE/FIREFIGHTERS’ RETIREE PENSION PLAN
§ 8901. Definitions:
(a) ‘Board’ shall mean the Board of Pension Trustees established by §8308 of Chapter 83, Title 29, Delaware Code.
(b) ‘Retired member’ shall mean a member who is retired from a county or municipality in Delaware, which has affiliated with the fund established by this Chapter.
§ 8902. Optional Participation of Counties and Municipalities.
Any county, or municipal police, or fire department that has a pension plan may elect to participate in the County and Municipal Police/Firefighters’ Retiree Pension Plan beginning July 1 of any year on or after July 1, 2000. Application to participate shall be by the majority vote of retired members who are receiving benefits, with the approval of the appropriate municipal and State officials. A county or municipality must join the plan on or before June 30, 2001. Any such application, upon approval by the Board, shall be irrevocable. Each participating county and municipality shall provide such information to the Board as it may require for the administration of this Chapter.
§ 8903. Payment of Pension
Pension payments shall be made to a retired member beginning with the month the participating county or municipality has provided sufficient information to the Board to begin such payment. No payments will be made unless sufficient funding has been paid to the Board from the participating county or municipality to cover such payments.
§ 8904. Adjustment of Benefits
(a) On July 1, 2000 the City of Wilmington shall provide $150,000 for the City’s portion of a post-retirement increase. On July 1, 2003 the City of Wilmington shall provide an additional $150,000 for the City’s portion of a post-retirement increase. These funds are to be used for retired members who retired prior to June 30, 1997. The City shall use the same format to grant the increases as was granted to members in 1997.
(b) All present and future retirees receiving a pension payable under this Chapter shall be adjusted no less liberally than adjustments made for pensions payable under the State Employees Pension Plan after July 1, 2003. § 8905. Employer Contributions
The contribution of the county or municipality for each month shall be the amount of benefits payable to retired members, plus any adjustments in benefits, plus administrative expenses. All contributions will be paid to the Board monthly by electronic funds transfer at least 5 business days prior to the last business day of each month.
§ 8906. Fund Established.
There shall be established a County and Municipal Police/Firefighters’ Retiree Pension Fund, hereinafter referred to as the ‘Fund’, to which employer contributions will be deposited monthly, and from which benefits shall be paid and fees and expenses authorized by the Board shall be paid. The assets of the Fund will be commingled in the Delaware Public Employees’ Retirement System as provided for by §8308 of Title 29 of the Delaware Code.”