AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO SPECIAL FUNDS.

This Act relates to police and fire pension funds created under Title 18 of the Delaware Code. The General Assembly created a special fund in the hopes of ensuring adequate pensions for affected police officers and firefighters, and their surviving spouses. This has not come to pass with regard to all pensions, however. By way of example only, the average surviving spouse in the Wilmington Police and Fire retirement plan receives a pension of only $10,080, which is $1,090 dollars below the 2012 poverty level. Moreover, there have been only five disbursements under the special fund in its 48 year history. To address this, the Act would allow for an additional manner of providing distributions from the related special fund established for Police and Fire pensions. Specifically, disbursements from the fund to be made under this Act would be biennial and structured in 3 categories. The 3 categories are based upon length of retirement and whether the eligible individual is a surviving spouse or receiving a disability pension.