Delaware Code Title 29 Sec. 5592 – Employer contributions
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The contribution of an employer for each fiscal year shall be the percentage of covered payroll approved by the Board on the basis of the most recent actuarial valuation, and shall equal:
(1) The normal cost; plus
(2) Adjustments for actuarial gains and losses or increases in benefits adopted on or subsequent to participation; plus
(3) Administrative costs.
Terms Used In Delaware Code Title 29 Sec. 5592
- Board: shall mean the Board of Pension Trustees established by § 8308 of this title. See Delaware Code Title 29 Sec. 5551
- Employer: shall mean a county or municipality, including state governmental subdivisions, Delaware State Housing Authority, volunteer ambulance companies, and volunteer fire companies, in Delaware which has affiliated with the Fund established by Chapter 55 of this title as provided in § 5555 of this title. See Delaware Code Title 29 Sec. 5551
- 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.