SENATE BILL NO. 688
AN ACT TO AMEND CHAPTER 55, TITLE 29, DELAWARE CODE, RELATING TO STATE EMPLOYEES PENSION PLAN.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend §5505, Chapter 55, Title 29, Delaware Code, by adding thereto a new subsection (g) to read as follows:
"(g) (i) The term employee as used in this Chapter shall exclude all professional staff of the University of Delaware who are first employed by the University after June 1, 1974. All professional staff, who as of January 1, 1975, have less than five years of credited service, exclusive of service credited under §5501 (b) (4) or (5), shall cease to be employees under this Chapter on January 1, 1975 and shall have their accumulated contributions with interest refunded upon the filing of an application in a form prescribed by the Board.
(ii) All professional staff who, as of January 1, 1975, have five or more years of credited service, exclusive of service credited under §5501 (b) (4) or (5), and were not previously permitted to make an election in accordance with paragraph (c) shall, effective January 1, 1975, elect one of the three options in paragraph (c); the provisions of paragraphs (d) and (e) shall apply to any such professional staff who elect to leave their accumulated contributions in the State Employees Retirement Fund in accordance with paragraph (c) (2), except that January 1, 1975 shall be substituted for January 1, 1972 wherever the latter appears in paragraphs (c) and (d)."
Approved July 19, 1974.