Delaware Senate Bill 294 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 7-0)
Status: Passed on September 6 2016 - 100% progression
Action: 2016-09-06 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

Since 1990, under 18 Delaware Code, Section 708, Delaware insurance customers have paid a supplemental 0.25% on premiums for most insurance. Each year, the tax generates approximately $8 million that is intended to benefit county and municipal police pension funds. Of that amount, approximately $5 million is paid directly to the operators of county and municipal police pension funds. The remaining approximate $3 million is deposited annually into a special fund managed by the Board of Pension Trustees that, by law, is intended to provide post-retirement increases, over and above the original pension benefits, for certain retired county and municipal police and firefighters, who are participants in older, closed pension plans. Recently-hired police and firefighters in the City of Wilmington, New Castle County, and the City of Dover now participate in a State-administered plan, rather than the local, older closed pension plans. Under Section 708(c)(3), the funds intended to provide pension increases that are not used for that purpose within five years instead revert to the General Fund, thereby defeating a primary purpose of the original legislation. This bill would extend the reversion provision in Section 708 from 5 years to 10 years, to help to ensure that the funds are maintained and eventually employed for their intended purpose.

An Act To Amend Title 18 Of The Delaware Code Relating To Insurance And Fees And Taxes.

Sen. Harris McDowell [D]	Sen. Bethany Hall-Long [D]	Sen. Margaret Henry [D]	Sen. Robert Marshall [D]
Rep. Gerald Brady [D]	Rep. Helene Keeley [D]	Rep. Charles Potter [D]

2016-07-01 - House - House Third Reading (Y: 38 N: 0 NV: 0 Abs: 3) [PASS]

Date	Chamber	Action
2016-09-06	Senate	Signed by Governor
2016-07-01	House	Passed by House of Representatives. Votes: Passed 38 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
2016-06-30	Senate	Passed by Senate. Votes: Passed 19 YES 0 NO 2 NOT VOTING 0 ABSENT 0 VACANT
2016-06-28	Senate	Reported Out of Committee (INSURANCE & TELECOMMUNICATIONS) in Senate with 4 On Its Merits
2016-06-23	Senate	Assigned to Insurance & Telecommunications Committee in Senate

Type	Source
Summary	http://legis.delaware.gov/LIS/lis148.nsf/2bede841c6272c888025698400433a04/8ecfce3c2741c10185257fb7006cd7c6?OpenDocument
Text	http://legis.delaware.gov/LIS/lis148.nsf/vwLegislation/SB+294/$file/legis.html?open
Roll Call	http://legis.delaware.gov/LIS/lis148.nsf/7712cf7cc0e9227a852568470077336f/0a6b59275c3689a185257fe30025eff9?OpenDocument