Delaware Code Title 29 Sec. 5315 – Actuarial valuations and appropriations
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(a) The state appropriations to fund the benefits provided by this chapter shall be deposited monthly into the State Employees’ Retirement Fund established by § 5541 of this title.
Terms Used In Delaware Code Title 29 Sec. 5315
- Amortization: Paying off a loan by regular installments.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The State’s appropriation to the Fund for the Fiscal Year 1991-92, and for each fiscal year thereafter, shall be the percentage of covered payroll approved by the Board on the basis of the actuarial valuation as of June 30, 1991, and shall be the payment required to amortize the added unfunded accrued liability over 24 years from July 1, 1991. The amortization payment shall be an amount computed as a level percentage of the prospective total covered payroll to be determined on the basis of a growth rate of 4% per year, compounded annually.