CHAPTER 524
FORMERLY
SENATE SUBSTITUTE NO. 1
FOR
SENATE BILL NO. 78
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTERS 55 AND 56. TITLE 29. DELAWARE CODE RELATING "10 COMPUTATIONS OF JUDICIAL AND STATE EMPLOYEE PENSIONS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §5527(a). Chapter 55, Title 29. Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(a) The amount of the monthly service or disability pension payable to an employee or limner employee shall he 1/60 of his or her final average compensation multiplied by the number of years. taken to the nearest twelfth of a year. in his or her period of credited service. The amount payable to a participant who does nut make the additional contribution provided in subsection (e) of §550I of this title for years of credited service before 1977 shall he 1/60 of his or her final average compensation multiplied by the number of years, taken to the nearest twelfth of a year. in his or her period of credited service after 1976, plus 1/60 of his or her prior final average compensation multiplied by the number of !. ears. taken to the nearest twelfth of a year, in his or her period of credited service before 1977. provided that the maximum amount based on the service before 1977 is $1.000."
Section 2. Amend §5527(b), Chapter 55, Title 29. Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(B) In the case of an employee or former employee whose credited service under 0501(b)(1), (2). and (3) of this title includes service before June 1970, the minimum amount payable shall be:
(1) If he or she has 15 years of such credited service, the lesser of $150 or his or her final average compensation; or
(2) If he or she does not have 15 years of such credited service, the minimum amount payable under subsection (c) of this section. subject to the limitation specified in subsection (c ) of this section."
Section 3. Amend §5527(c), Chapter 55, Title 29, Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(c) In the case of an employee or former employee whose credited service under 0501( b)( IL (2), and (3) of this title does not include service before June 1970, but does include service prior to July I. 1976, the minimum amount payable shall he $5 multiplied by the number of years, taken to the nearest twelfth of a year, in his or her period of credited service, but not more than 30 such years."
Section 4. Amend §5528(a)(1), Chapter 55, Title 29, Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows: "(a)(1) Upon the death of an employee who has 5 years of credited service, exclusive of service credited under §5501(b)(4), (5), and (12) of this title, a monthly survivor's pension shall be payable to his or her eligible survivor or survivors equal to 3/4 of the service pension the employee would have been eligible to receive had he or she elected the option provided under §5527(g) of this title."
Section 5. Amend §5528(b)(I), Chapter 55, Title 29, Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(b)(1) Upon the death of an individual receiving a service or disability pension at the time of his or her death, a monthly survivor's pension shall by payable to his or her eligible survivor or survivors equal to the greater of (i) 50% of such service or disability pension, or (ii) if such pension was computed under the provisions of §5527(g) of this title, 75% of such service or disability pension."
Section 6. Amend §5543(a), Chapter 55, Title 29, Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(a) Effective January I, 1997, employee contributions to the Fund shall be either 3% of total monthly compensation in excess of $500; or, if any employee receives annual compensation in fewer than 12 months, 3% of total monthly compensation which exceeds the amount determined by multiplying the ratio of 12 over the number of months which he or she receives annual compensation times $500. In no event shall total compensation during any calendar year in excess of $6,000 be exempt from contributions."
Section 7. Amend §5522(b), Chapter 55, Title 29, Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(b) A former employee with a vested right to a service pension shall become eligible to receive such pension, computed in accordance with this chapter beginning with the first month after his or her attainment of (1) age 60 if credited service is equal to or greater than 20 years and includes service prior to July I, 1976 or (2) age 62 if credited service is equal to or greater than 5 years."
Section 8. Amend §5523(a), Chapter 55, Title 29, Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(a) An employee who has 5 years of credited service exclusive of service under §5501(b)(4), (5), and (12) of this title shall have a vested right to a pension.
Section 9. Amend §5524(a), Chapter 55, Title 29, Delaware Code, by deleting the phrase "provided that such pension shall not be calculated under §5527(a)(1)(i) of this title, unless a pension would have been payable under this chapter in effect immediately prior to the effective date of the 1976 Pension Act."
Section 10. Amend §5522(a)( I), Chapter 55, Title 29, Delaware Code, by striking the number "65" wherever it appears therein and substituting in lieu thereof the number "62".
Section 11. Amend §5613(1), Chapter 56, Title 29, Delaware Code, by striking said subsection in its entirety and substituting in lieu thereof a new subsection to read as follows:
"(1) The amount of the annual pension or disability pension payable to a member under the revised plan shall be the sum of 1/24 of final average compensation multiplied by years of service as a judge up to 12 years inclusive, plus 1/48 of final average compensation multiplied by years of service as a judge from 13 to 24 years inclusive. Disability pensions will be computed on the basis of actual service as a judge or 12 years of service as a judge, whichever is greater."
Section 12. Amend §56 I4(a), Chapter 56, Title 29, Delaware Code, by deleting the phrase if he or she had been 62 years of age".
Section 14. The effective date of this Act shall be July 1, 1996, providing that sufficient funds therefore are appropriated by the General Assembly.