STATE EMPLOYEES - VOLUNTARY RETIREMENT PLAN
AN ACT AUTHORIZING VOLUNTARY RETIREMENT PLANS FOR CERTAIN STATE EMPLOYEES; AUTHORIZING ANY BOARD, COMMISSION, AGENCY OR POLITICAL SUBDIVISION OF THE STATE OF DELAWARE TO ADOPT RETIREMENT PLANS; PROVIDING FOR SALARY DEDUCTIONS TO PAY THE COST THEREOF, AND AUTHORIZING THE STATE TREASURER AND TREASURER OR OTHER FISCAL AGENT OF ANY BOARD, COMMISSION, AGENCY OR POLITICAL SUBDIVISION TO MAKE SALARY DEDUCTIONS AND DISBURSE THE SAME.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. Every board, commission, agency or political subdivision of the State of Delaware may, when requested so to do by the employees of any such board, commission, agency or political subdivision, retain one of the leading life insurance companies, licensed in this State, to submit a retirement plan of insurance for such employees, and any such board, commission, agency or political subdivision may, after consultation with such employees, adopt any such retirement plan, and upon the adoption thereof there shall be deducted from the payroll of any employee who voluntarily applies for the benefits of such plan the cost thereof, provided that in no case shall any such deduction exceed three per centum (3%) of such employee's salary.
Section 2. In respect to the employees of the State of Delaware whose salary is received directly from the State Treasurer, the board, commission, agency or political subdivision employing any such employee shall certify to the State Treasurer the names of the participants in the plan provided for in Section 1 hereof, together with the amount or amounts to be deducted in respect to the salary of each of such employees, and the State Treasurer is hereby authorized to make such deductions and deposit the same to the credit of the board, commission, agency or political subdivision so certifying in separate and special accounts and disburse the funds therefrom according to the warrant of any such board, commission, agency or political subdivision, and in respect to all State employees who do not receive their salary directly from the State Treasurer but from a board, commission, agency or political subdivision, the procedure shall be the same as hereinabove provided, except that the certification by any such board, commission, agency or political subdivision shall be made to its treasurer or other fiscal agent, who shall make the salary deductions and disburse the same as directed by such board, Commission, agency or political subdivision.
Section 3. This Act shall become effective immediately upon the approval thereof.
Approved March 20, 1947.