SENATE BILL NO. 787
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND TITLE 11 AND TITLE 29, DELAWARE CODE, RELATING TO PENSION BENEFITS FOR CORRECTIONS OFFICERS.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend §6555 of Subchapter VIII, Chapter 65, Part IV, Title 11, Delaware Code by striking said section in its entirety.
Section 2. Amend Chapter 55, Title 29, Delaware Code, by adding thereto a new section to be designated as §5534 which shall read as follows:
§5534. Corrections Officers.
(a) Any provision of this Chapter to the contrary notwithstanding, an employee of the State Division of Adult Corrections, who has 25 years of credited service under §5501 (2) and who has served as a corrections officer for at least 20 years of said credited service under §5501 (a) (a), shall become eligible to receive a service pension.
(b) The amount of monthly service pension payable to an employee who meets the requirements of paragraph (a) herein shall be 50010 of his final average compensation."
Section 3. Amend §5543 of Chapter 55, Title 29, Delaware Code, by adding a new subsection (c) to read as follows:
"Notwithstanding the provisions of subsection (a) of this Section, employees of the State Division of Adult Corrections who elect to be covered under the provisions of §5534 shall contribute to the Fund five percent of his total compensation commencing with the first pay period subsequent to the effective date of this legislation. In the event that a covered employee retires prior to July 1, 1981, said employee shall make a payment to the State Employees' Retirement Fund at the time of, or prior to his application for a pension, which payment shall be equal to two and one half percent of his monthly retiring base salary times the number of months between the date of his retirement and June 30, 1981."
Section 4. Amend §5544 of Chapter 55, Title 29, Delaware Code, by adding a new subsection (f) to read as follows:
"In addition to the appropriations provided for herein, the State Division of Adult Corrections shall, in each year commencing with the fiscal year 1976-77, transfer to the fund from the appropriations made to the Division by the General Assembly an amount determined by the Board to meet, net after the participants' contributions and the regular annual contribution of the State to the Pension Plan, the additional actuarial costs of pensions payable to corrections officers in accordance with §5534, and in no event shall said additional cost for corrections officers pensions be borne by or drawn from trust fund assets which are being accumulated to pay pension benefits exclusive of those provided for in §5534."
Section 6. This Act shall become effective 90 days after it is approved by the Governor.
Approved July 22, 1976