SENATE BILL NO. 471
AN ACT TO AMEND CHAPTER 55, TITLE 29, DEL. C., RELATING TO THE STATE EMPLOYEES' PENSION PLAN BY PROVIDING FOR A REDUCED SERVICE PENSION AFTER TWENTY-FIVE YEARS OF CREDITED SERVICE REGARDLESS OF AGE.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §5522 (a), Title 29, Del. C., by striking the period at the end thereof and substituting in lieu thereof the following:
(4) he has twenty-five (25) years of credited service, exclusive of service credited under §5501 (b) (4) or (5), regardless of age."
Section 2. Amend §5522, Title 29, Del.C., by adding at the end thereof the following:
"(d) The amount of the service pension payable to an employee who becomes eligible to receive a service pension pursuant to subsection (a) (4) of this section shall be reduced by four-tenths percent for each month of credited service the employee has less than thirty (30) years."
Approved July 11, 1980