STATE EMPLOYEES - RELATING TO AMOUNT OF PENSION BENEFITS PAYMENT
AN ACT TO AMEND AN ACT ENTITLED "AN ACT PROVIDING FOR THE PAYMENT OF PENSION BENEFITS TO CERTAIN STATE EMPLOYEES, FIXING AGES OF RETIREMENT, ESTABLISHING BENEFITS PAYABLE AND THE SOURCE OF PAYMENTS THEREOF, PROVIDING FOR APPLICATIONS FOR PENSIONS AND THE PROCEDURE TO BE FOLLOWED WITH RESPECT THERETO, PROVIDING THAT PENSION BENEFITS SHALL BE FREE OF ATTACHMENT AND NONASSIGNABLE, AND ALSO PROVIDING FOR THE REDUCTION OF BENEFITS UNDER CERTAIN CONDITIONS," BEING CHAPTER 104, VOLUME 45, LAWS OF DELAWARE, 1944-45, AS AMENDED, WITH RESPECT TO AMOUNT OF PENSION BENEFITS PAYMENT.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That Chapter 104, Volume 45, Laws of Delaware, 1944-45, be and the same is hereby further amended by striking out and repealing the first paragraph of Section 4 thereof and by inserting and enacting a new first paragraph in lieu of the part so stricken out, as follows:--
The pension shall be payable monthly and,. subject to the limitation that the monthly pension payment shall not exceed One Hundred and Fifty Dollars ($150.00) nor be less than Sixty Dollars ($60.00), the monthly pension payment shall be one-seventieth of the monthly retiring base salary multiplied by number of years (taken to the nearest twelfth part of a year) which the employee shall have served in covered employment during the period that ends on the date of retirement and that includes no interruptions from continuous covered employment except allowable interruptions aggregating not over five years.
Approved June 4, 1951.