Delaware Code Title 11 Sec. 8842 – Employer contributions
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The contribution of the county or municipality 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 11 Sec. 8842
- Board: shall mean the Board of Pension Trustees established by § 8308 of Title 29. See Delaware Code Title 11 Sec. 8801
- 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.