CHAPTER 121

FORMERLY

SENATE BILL NO. 108

AN ACT TO AMEND TITLE 29, TITLE 11, AND TITLE 16 OF THE DELAWARE CODE RELATING TO THE BOARD OF PENSION TRUSTEES AND THE INVESTMENT OF PENSION FUNDS.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §8308(b)(I), Title 29, Delaware Code by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:

"(1) The Board shall establish the Delaware Public Employees' Retirement System

which has control and management of the state pension funds provided for in:

(a) The State Employees' Pension Plan pursuant to Chapter 55 of Title 29;

(b) The Closed State Police Retirement Fund pursuant to Subchapter II of Chapter 83 of Title 11;

(c) The New State Police Retirement Fund pursuant to Subchapter III of Chapter 83 of Title 11;

(d) The State Judiciary Retirement Fund pursuant to Chapter 56 of Title 29;

(e) The County and Municipal Employees' Retirement Fund pursuant to Chapter 55A of Title 29;

(f) The County and Municipal Police/Firefighter Retirement Fund pursuant to Chapter 88 of Title II;

(g) The Volunteer Fireman's Pension Fund pursuant to Chapter 66A of Title 16;

(h) The Diamond State Port Corporation Pension Plan pursuant to Chapter 87 of Title 29;

(i) The County and Municipal Police/Firefighter Special Fund pursuant to Chapter 7 of Title 18;

(j) The Special Pension Fund pursuant to Chapter 191, Volume 61, Laws of Delaware; and

(k) The Local Government Retirement Investment Pool pursuant to Chapter 83 of Title 29."

Section 2. Amend §8308(c)(4), Title 29, Delaware Code by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:

"(4) To maintain and invest the pension funds in the Delaware Public Employees' Retirement System provided for in §8308(b)(1) of this Chapter. The assets of such funds may be commingled for investment purposes but will be maintained separately for accounting purposes. Fees and expenses authorized by the Board shall be paid from the assets of each separate fund as applicable."

Section 3. Amend §5541, Title 29, Delaware Code by adding to the end thereof a new sentence to read as follows:

"The assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by §8308 of this Title."

Section 4. Amend §8322, Title 11, Delaware Code by adding to the end thereof a new sentence to read as follows:

"The assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by §8308 of Title 29 of this Code.

Section 5. Amend §8393, Title 11, Delaware Code by adding to the end thereof a new sentence to read as follows:

"The assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by §8308 of Title 29 of this Code."

Section 6. Amend §5601(a), Title 29, Delaware Code by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:

"(a) There shall be established a State Judiciary Retirement Fund, hereinafter referred to as 'Fund." Each member who elects or who has elected the provisions of this chapter, and:

(1) Who was first appointed to the state judiciary prior to July 1, 1980, and is a member covered by the closed plan, shall contribute $500 to the Fund each year for the first 25 years of service; or

(2) Who is a member covered by the revised plan, shall contribute to the Fund each year for the first 24 years of service an amount equal to 3% of his or her total compensation in excess of $6,000 up to the social security wage base, and 5% of total compensation in excess of the social security wage base. Such contributions shall be prorated on a monthly basis."

Section 7. Amend §5601(b), Title 29, Delaware Code by adding to the end thereof a new sentence to read as follows:

"The assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by §8308 of this Title."

Section 8. Amend §5593, Title 29, Delaware Code by adding to the end thereof a new sentence to read as follows:

"The assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by §8308 of this Title."

Section 9. Amend §8843, Title 11, Delaware Code by adding to the end thereof a new sentence to read as follows:

"The assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by §8308 of Title 29 of this Code."

Section 10. Amend §6661, Title 16, Delaware Code by adding to the end thereof a new sentence to read as follows:

"The assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by §8308, of Title 29 of this Code."

Approved June 30, 1997