CHAPTER 148 - THE CITY OF WILMINGTON - RETIREMENT FUND FOR PENSIONING TEACHERS OF THE PUBLIC SCHOOLS

AN ACT TO FURTHER AMEND AN ACT ENTITLED "AN ACT TO ESTABLISH A RETIREMENT FUND FOR PENSIONING TEACHERS OF THE PUBLIC SCHOOLS IN THE CITY OF WILMINGTON, AND TO REGULATE THE COLLECTION, MANAGEMENT AND DISBURSEMENT THEREOF" BEING CHAPTER 208, VOLUME 26, LAWS OF DELAWARE, AS AMENDED BY CHAPTER 134, VOLUME 38, LAWS OF DELAWARE AND BY CHAPTER 210, VOLUME 27, LAWS OF DELAWARE, BY PROVIDING NAME FOR FUND, CHANGING MEMBERSHIP OF BOARD OF RETIREMENT, CONTRIBUTIONS BY TEACHERS TO FUND, RETIREMENT OF TEACHERS, AMOUNT OF ANNUITY, POWER TO LIQUIDATE OR CHANGE PLAN AND DEFINING TERM "TEACHER."

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all the members elected to each House concurring therein):

SECTION 1. That Section 1 of said Chapter 208, Volume 26, Laws of Delaware, as amended by Chapter 134, Volume 38, Laws of Delaware, be and the same is hereby further amended by striking out the first sentence of said Section 1, being the first eleven lines and first three words in the twelfth line of said section, and inserting in lieu thereof the following:

"SECTION 1. The name of the fund shall be "The Public School Teachers' Retirement Fund, Wilmington, Delaware" and the general care and management of said fund is hereby given to a Board of Retirement, which shall consist of the president of the Board of Public Education in Wilmington as now constituted, or as it shall hereafter be constituted, one other member of said board to be appointed by said president, the treasurer of the City of Wilmington, the superintendent of public schools in the City of Wilmington, and three members of the teaching staff of the public schools of the City of Wilmington, which last-named shall be chosen by ballot at a meeting of the teachers, called sometime during the month of May of each year by the superintendent of public schools."

SECTION 2. That Section 2 of said Chapter 208, Volume 26, Laws of Delaware, as amended by Chapter 210, Volume 27, Laws of Delaware, be and the same is hereby further amended by striking out all of paragraph 4 in said Section 2 and inserting in lieu thereof the following:

"4. Such monthly contributions from the salaries of all the teachers of the City of Wilmington as shall be necessary to pay the annuities prescribed by the Board of Retirement, provided, however, that no teacher shall be required to pay more than one hundred and twenty dollars in any one year. The Board of Public Education in Wilmington after July first, nineteen hundred and forty-one shall deduct from the monthly pay of each teacher the amount so prescribed by the Board of Retirement provided said teacher shall have taught some part of said month and said Board of Public Education shall certify monthly to the treasurer of the City of Wilmington, the amounts so deducted, and said amounts shall be turned into said retirement fund.

Each contract made by the Board of Public Education in Wilmington with teachers after the passage of this Act, shall specify that the contributions prescribed by the Board of Retirement shall be deducted from each and every teacher's salary. The Board of Retirement, by by-laws or other regulations, shall prescribe the method and amount of reimbursement of any contributor to the retirement fund who shall retire from service as teacher and shall not be in receipt of or entitled to an annuity under this Act, and also shall prescribe the conditions under which a teacher so retired, but who returns to the service, shall again become eligible to receive benefits under this Act."

SECTION 3. That Section 3 of said Chapter 208, Volume 26, Laws of Delaware, be and the same is hereby amended by striking out all of said Section 3 and inserting in lieu thereof the following:

"SECTION 3. The Board of Retirement shall have power to retire any of the teachers of the public schools of the City of Wilmington, under such rules and regulations as said board may prescribe."

SECTION 4. That Section 4 of said Chapter 208, Volume 26, Laws of Delaware, be and the same is hereby amended by striking out all of said Section 4 and inserting in lieu thereof the following:

"SECTION 4. Upon such retirement, the person retired shall be entitled to an annuity out of the retirement fund. The amount of said annuity shall be determined by the Board of Retirement.

The annuities provided for in this Act shall be payable at such times and in such manner as the by-laws shall prescribe. If the moneys in the retirement fund shall be inadequate at any time to fully carry out the provisions of this Act as herein provided, the amount payable to each teacher in the form of an annuity, or refund shall be reduced in the ratio of the present value of the assets of the retirement fund to the present value of the liabilities of said fund."

SECTION 6. That Section 6 of said Chapter 208, Volume 26, Laws of Delaware, be the same is hereby amended by striking out all of said Section 6 and inserting in lieu thereof the following:

"SECTION 6. The Board of Retirement shall have power to make all necessary by-laws and regulations for the holding of meetings, the collection and disbursements of money, and the care and preservation of the same, and the proper execution of the provisions and purposes of this Act. And if any Federal or State law shall hereafter be passed providing for annuities, pensions, disability allowances or other benefits for the persons included under this Act the Board of Retirement shall have power to liquidate the plan of retirement created under this Act or to make any changes in said plan that said board shall deem necessary."

SECTION 7. That Section 7 of said Chapter 208, Volume 26, Laws of Delaware, be and the same is hereby amended by striking out all of said Section 7 and inserting in lieu thereof the following:

"SECTION 7. The term "teacher," as used in this Act, shall mean and include any superintendent, assistant superintendent, principal, assistant principal, person in charge of any special department of instruction, and any teacher or instructor and such other members of the professional, clerical and custodial services as may be designated by the Board of Retirement who are regularly employed as such by the Board of Public Education in Wilmington.

The term "Board of Public Education in Wilmington," as used in this Act, shall mean the body now in control and management of the public schools of Wilmington as now created and constituted or as it may be constituted hereafter, or any board of body of officials who shall have the control and management of the public schools of the City of Wilmington."

Approved May 6, 1941.