AN ACT TO AMEND TITLE 29, DELAWARE CODE, RELATING TO STATE EMPLOYEES' PENSION PLAN AND MAKING AN APPROPRIATION THEREFOR.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Title 29, Section 5523, Delaware Code, is hereby repealed and a new section enacted and inserted in lieu thereof to read as follows:
§ 5523. Amount of benefits
The pension shall be payable monthly and subject to the limitation that the monthly payment shall not exceed $250 nor be less than $100, the monthly payment shall be one-sixtieth of the monthly retiring base salary multiplied by the number of years, taken to the nearest twelfth part of a year, which the employee shall have earned in covered employment during the period that ends on the date of retirement.
Section 2. Title 29, Section 5524, Delaware Code, is hereby repealed and a new section enacted and inserted in lieu thereof to read as follows:
§ 5524. Federal social security
Benefits provided by this chapter shall be reduced to the extent of 50% of the old age insurance benefits (as such term is used in the Federal Social Security Act) paid to the pensioner until June 30, 1964; thereafter benefits shall not be reduced by reason of such old age insurance benefits paid to the pensioner.
Section 3. All increases in benefits resulting from the passage of this Act shall apply to all persons receiving benefits pursuant to Chapter 55, Title 29, Delaware Code, on the effective date of this Act in addition to all those persons who become eligible for benefits under said chapter on or after the effective date of this Act. No person shall have his benefits
reduced by reason of the passage or application of this Act.
Section 4. Section 1 of this Act shall become effective July 1, 1964, and Section 2 of this Act shall become effective July 1, 1962.
Section 5. All previous acts inconsistent with the provisions of this act are hereby repealed to the extent of such inconsistency.
Approved June 22, 1961.