RELATING TO PENSIONS FOR WILMINGTON SCHOOL TEACHERS
AN ACT TO AMEND CHAPTER 208, VOLUME 26, LAWS OF DELAWARE RELATING TO PENSIONS FOR PUBLIC SCHOOL TEACHERS IN THE CITY OF WILMINGTON.
WHEREAS, it is the policy of this General Assembly to extend to the teachers of the public schools in the City of Wilmington the basic protection accorded to others by the old-age and survivors' insurance system embodied in the Federal Social Security Act; and
WHEREAS, under existing law it is impossible to obtain Social Security coverage for teachers of the public schools in the City of Wilmington because of the existence of a retirement system for teachers of the public schools in the City of Wilmington, as established in accordance with the provisions of Chapter 208, Volume 26, Laws of Delaware, as amended; NOW, THEREFORE,
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Chapter 208, Volume 26, Laws of Delaware, as amended, is further amended as follows:
In the event that the Board of Retirement obtains satisfactory evidence that Federal Social Security coverage can be secured for teachers of the public schools in the City of Wilmington, it shall have the authority to terminate and liquidate the aforesaid retirement system and "The Public School Teachers' Retirement Fund, Wilmington, Delaware" by formal action of the Board, without more, said termination and liquidation to be effected on or before September 1, 1953. In connection with such termination and liquidation, on or before September 1, 1953, the said Board of Retirement shall retain so much of the said Retirement Fund as it determines to be necessary to allocate for the benefit of any teacher retired before termination and liquidation a sum sufficient to provide the retirement benefits for which he was qualified at time of liquidation and termination. The said Board of Retirement shall have the power and authority to make such provisions as it deems necessary to provide for such benefits to such retired teachers. The balance of the Retirement Fund shall be transferred forthwith to a suitable escrow agent of the Board of Retirement's choosing, which escrow agent shall hold the assets representing such Retirement Fund in trust for distribution in accordance with such regulations as the Board of Retirement may determine necessary to accomplish the liquidation and termination herein provided. Any cash refunds to which teachers not retired shall be entitled under any decision of the Board of Retirement shall be determined on the basis of individual contributions to the fund, without interest.
Section 2. In the event that the said Board of Retirement terminates and liquidates the retirement system established pursuant to Chapter 208, Volume 26, Laws of Delaware, as amended, on or before September 1, 1953, then and in such event, effective October 2, 1953, a statute is enacted to be identical with Chapter 208, Volume 26, Laws of Delaware, as amended, as it existed as of August 31, 1953, with the following changes: (a) Section 2., numbered paragraph 1: Strike out July 1, 1911. Insert in lieu thereof July 1, 1954. (b) Numbered paragraph 3: Strike out July 1, 1911. Insert in lieu thereof July 1, 1954. (c) Numbered paragraph 4: Strike out the words July first, nineteen hundred and forty-one, contained in the second sentence thereof. Insert in lieu thereof the words October second, nineteen hundred and fifty-three.
Further, and in such event, the said escrow agent shall on October 2, 1953 or as soon thereafter as convenient transfer any assets, not required for refund to teachers not retired, to the Retirement Fund established under the newly created retirement system provided for in this section, to provide credits for teachers not retired in accordance with regulations of the Board of Retirement created pursuant to this section. Said Board of Retirement shall have the power and authority to consolidate the retirement system provided for in this section with any existing system providing retirement benefits for teachers in public schools in the City of Wilmington.
Approved July 15, 1953.