(a) The Commission shall make a study of the salaries, emoluments, mileage, per diem, travel and other expense allowances and reimbursements (hereinafter collectively referred to as “remuneration”) of the members of the General Assembly, the Governor, members of the Governor's cabinet, the Lieutenant Governor, the State Auditor, the State Treasurer, the Attorney General, the Insurance Commissioner, the Justices of the Supreme Court, the Chancellor and Vice-Chancellors of the Court of Chancery and all judges and court commissioners of the Superior Court, the Court of Common Pleas and the Family Court, the Chief Magistrate, the justices of the peace and the Chief Defender.
(b) On January 1, 1985, the Commission shall submit to the Governor, the Chief Justice, the President Pro Tempore of the Senate and the Speaker of the House of Representatives its first report establishing such remuneration. Thereafter, the Commission shall cause a report to be prepared every 4 years and submitted on the first day of the session of the General Assembly. The rate of remuneration established in the report for offices which salaries are more than $25,000, except for the Governor shall not exceed 120% of the remuneration received in the fiscal year in which the report is submitted. All departments and divisions of the State shall cooperate in furnishing to the Commission such information as the Commission may deem to be necessary to discharge its duties. With each report, the Commission shall include its recommendations to the Governor and General Assembly concerning pension benefits for members of the General Assembly, subject to the approval of the Board of Pension Trustees that such recommendations are based on reasonable actuarial assumptions and that such recommendations shall not require any additional state appropriation.