AN ACT TO AMEND CHAPTER 237, VOLUME 46, LAWS OF DELAWARE, AS AMENDED BY CHAPTER 444, VOLUME 50, LAWS OF DELAWARE, RELATING TO PENSION BENEFITS TO EMPLOYEES OF THE MAYOR AND COUNCIL OF WILMINGTON.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members elected to each House thereof concurring therein):
Section 1. Section 11, Chapter 237, Volume 46, Laws of Delaware, as amended by Chapter 444, Volume 50, Laws of Delaware, is hereby amended by striking out Section 11 thereof, and by substituting in lieu thereof the following Section 11 to read as follows:
Section 11. (a) In the event that an employee while in covered employment shall become eligible for old age insurance benefits (as such term is used in the Federal Social Security Act) the amount to which the employee upon retirement shall be eligible to receive under the provisions of this Act shall be reduced to the extent of 50% of such old age insurance benefits paid to the pensioner until June 30, 1964; thereafter benefits shall not be reduced by reason of such old age insurance benefits paid to pensioner.
(b) All increases in benefits resulting from the passage of this Act shall apply to all persons receiving benefits pursuant to Chapter 237, Volume 46, Laws of Delaware 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 2. The provisions of this Act shall become effective July 1, 1962.
Approved July 21, 1961.