BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Subsection (7), Section 710, Subchapter 11, Chapter 7, Title 19 of the Delaware Code by striking the number "65" (sixty-five) as it appears in that subsection and substituting the number "70" (seventy) in lieu thereof.
Section 2. Amend Section 711, Subchapter 11, Chapter 7, Title 19 of the Delaware Code by adding a subsection (i) to read as follows:
"(i)(1) Nothing in this Subchapter shall be construed to prohibit compulsory retirement of any employee who has attained 65 years of age but not 70 years of age, and who, for the 2-year period immediately before retirement, is employed in a bona fide executive or a high policy-making position, if such employee is entitled to an immediate non-forfeitable annual retirement benefit from a pension, profit sharing, savings, or deferred compensation plan, or any combination of such plans, of the employer of such an employee, which equals, in aggregate, at least $27,000.
(2) In applying the retirement benefit test of paragraph (1) of this subsection, if any such retirement benefit is in a form other than a straight life annuity (with no ancillary benefits), or if employees contribute to any such plan or make rollover contributions, such benefit shall be adjusted in accordance with regulations prescribed by the Secretary. U. S. Department of Labor, pursuant to 29 U.S.C. 6341 (c)(2), so that the benefit is the equivalent of a straight life annuity (with no ancillary benefits) under a plan to which employees do not contribute and under which no rollover contributions are made."