CHAPTER 483
FORMERLY
SENATE BILL NO. 381
AN ACT TO AMEND TITLE 11 DELAWARE CODE RELATING TO ELIGIBILITY FOR RETIREMENT FOR THE "NEW" STATE POLICE PENSION PLAN.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend §8363 (a) (3) Title 11 Delaware Code, by striking the number “25” and substituting in lieu thereof the number “20”.
Section 2. Amend §8361 Title 11 Delaware Code, by striking the number “25” and substituting in lieu thereof the number “20”.
Section 3. Amend §8391, Title 11, Delaware Code by striking the first sentence of said subsection in its entirety and substituting in lieu thereof a new sentence to read as follows:
“Effective January 1, 2001, member contributions to the Fund shall be 7% of monthly compensation.”
Section 4. Amend §8368, Title 11 Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
Ҥ8368. Amount of ordinary service pension.
The amount of the monthly ordinary service pension payable to a retired member shall be the sum of 2.5% of final average compensation multiplied by years of service up to 20 years inclusive, plus 3.5% of final average compensation multiplied by years of service above 20 years.”