(a)(1) There shall be established a State Post Retirement Benefit Fund, hereinafter referred to as the “Post Retirement Fund,” separate and distinct from the funds established under §§ 5541 and 5601 of this title; § 8393 of Title 11, to which state appropriations and other employer contributions shall be deposited monthly, and to which earnings on investments, refunds and reimbursements shall be deposited upon receipt, and from which such post retirement benefits as the General Assembly may hereafter legislate shall be paid and any fees and expenses authorized by the Board shall be paid. No money shall be disbursed from this fund except for the purpose of providing funding for post retirement increases for employees retired under this chapter; Chapter 56 of this title; Chapter 83 of Title
Free access — add to your briefcase to read the full text and ask questions with AI
(a) (1) There shall be established a State Post Retirement Benefit Fund, hereinafter referred to as the “Post Retirement Fund,” separate and distinct from the funds established under §§ 5541 and 5601 of this title; § 8393 of Title 11, to which state appropriations and other employer contributions shall be deposited monthly, and to which earnings on investments, refunds and reimbursements shall be deposited upon receipt, and from which such post retirement benefits as the General Assembly may hereafter legislate shall be paid and any fees and expenses authorized by the Board shall be paid. No money shall be disbursed from this fund except for the purpose of providing funding for post retirement increases for employees retired under this chapter; Chapter 56 of this title; Chapter 83 of Title 11.
(2) The Board of Pension Trustees shall review the balance in the Post Retirement Fund at the end of each fiscal year and make any recommendations for adjustments in the funding rate for the succeeding fiscal year to ensure that the rate be sufficient to fund post retirement increases authorized under this section.
(b) (1) In the event that the General Assembly shall introduce legislation proposing post retirement increases, the Board of Pension Trustees shall review each such proposal to determine if sufficient funds are projected to be available in the Post Retirement Fund to provide the funding necessary to fund the increase granted by the General Assembly. In addition, any pension increases granted shall not be substantively automatic. If the Board determines that insufficient funds will be available to fund the increase, the Board shall notify the Governor and the General Assembly that an additional appropriation will be required in order to provide the post retirement increase being proposed.
(2) Any monthly service, disability, and survivor pension based on former service or disability pension that was effective 20 years or more prior to the date of the pension increase and is payable upon the date of the increase, shall be increased greater than any pension that was effective less than 20 years prior to the date of the pension increase.