HOUSE BILL NO. 247
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 55, TITLE 29, DELAWARE CODE TO REVISE THE AMOUNT OF EMPLOYEE CONTRIBUTIONS TO THE STATE EMPLOYEES' PENSION PLAN.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Delete Subsection 55543(a), Chapter 55, Title 29, Delaware Code in its entirety and substituting in lieu thereof a new Subsection 5543(a) to read as follows:
"(a) Effective January 1, 1987, employee contributions to the Fund shall be either 3% of total monthly compensation in excess of $500, plus 2% of that portion which exceeds the amount determined by dividing social security wage base by 12; or if any employee receives annual compensation in fewer than 12 months, 3% of total monthly compensation which exceeds the amount determined by multiplying the ratio of 12 over the number of months which he receives annual compensation times $500, plus 2% of monthly compensation which exceeds the amount determined by dividing the social security wage base by the number of months he or she receives annual compensation. In no event shall total compensation during any calendar year in excess of $6,000 be exempt from contributions."
Approved October 10, 1986.