SENATE BILL NO. 701
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 56, TITLE 29, DELAWARE CODE, ENTITLED "PENSION FOR MEMBERS OF THE STATE JUDICIARY".
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Section 5601(a), Chapter 56, Title 29, Delaware Code is amended by striking said subsection (a) in its entirety and inserting in lieu thereof a new subsection (a) which shall read as follows:
"(a) The State Judiciary Retirement Fund shall be established and maintained by the Board of Pension Trustees. The State Treasurer shall act as the Board of Trustees' Agent in the care of the assets of the Fund. Each member of the State Judiciary who elects to accept the provisions of this chapter shall contribute to the Fund each year an amount equal to five percent (5%) of his total compensation which exceeds $6,000.00. Such contribution shall be prorated on a monthly basis, and shall commence with the first pay period ending after June 30, 1976."
Section 2. This act shall become effective June 30, 1976.
Approved July 27, 1976