IN RELATION TO WILMINGTON EMPLOYEES' RETIREMENT ACT
AN ACT TO AMEND CHAPTER 237, VOLUME 46, LAWS OF DELAWARE AS AMENDED, ENTITLED "CITY OF WILMINGTON EMPLOYEES' RETIREMENT ACT" BY PROVIDING FOR THE LENGTH OF SERVICE FOR ELIGIBILITY AND RETIREMENT BENEFITS TO BE RECEIVED UNDER SAID CHAPTER.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all the Members of each Branch thereof concurring therein):
Section 1. That Section 2 of Chapter 237, Volume 46, Laws of Delaware, is amended by striking out the word "thirty" in said section and inserting in lieu thereof the words "twenty-five".
Section 2. That Section 5 of Chapter 237, Volume 46, Laws of Delaware, is amended by striking out the first paragraph thereof and substituting in lieu thereof a new first paragraph to read as follows:
"Section 5. Pension Benefits:--Any pension payable under this Act shall be subject to the limitation that the monthly pension payment shall not exceed Two Hundred Dollars ($200.00) nor be less than Eighty-Five Dollars ($85.00). The monthly pension payment shall be one-sixtieth of the monthly retiring base pay, multiplied by the number of years (a fractional period of six months or more shall be counted as one year and less than six months shall not be counted) which the employee shall have served in covered employment during the period that ends on the date of retirement and includes no interruptions from continuous covered employment except allowable interruptions aggregating not more than five years."
Section 3. That Section 15 of Chapter 237, Volume 46, Laws of Delaware, is amended by striking out all of the first paragraph thereof and by inserting in lieu thereof a new first paragraph to read as follows:
"Section 15. The monthly retirement and disability benefits for such employees as shall regularly receive part of their compensation from the City of Wilmington and New Castle County or in alternate periods shall receive regular compensation from the City of Wilmington or New Castle County, shall be one-half of the monthly retiring base pay, divided by sixty, multiplied by the number of years in which such employee shall have served in covered employment; in case the total combined monthly retirement or disability benefits calculated under the provisions of this Act and the Act for the retirement of employees of New Castle County be less than Eighty-Five Dollars ($85.00) or more than Two Hundred Dollars ($200.00), then in lieu of such payment as herein calculated, the said employee shall receive under this Chapter not less than Forty-Two Dollars and Fifty Cents ($42.50) and not more than One Hundred Dollars ($100.00) as a monthly retirement or disability benefit."
Section 4. All Acts or parts of Acts inconsistent with the provisions of this Act are repealed only to the extent of such inconsistencies.
Approved July 1, 1953.