SENATE BILL NO. 425
AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO DEFERRED COMPENSATION FOR PUBLIC OFFICERS AND EMPLOYEES OF THE STATE.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend Title 29 of the Delaware Code, Section 6052 by adding a new subsection to read as follows:
“(4) ‘Qualified Participant’ is defined as an employee of the State, including school districts, who has deferred compensation under the provisions of this chapter and satisfies either of the following conditions:
(a) Employee must be enrolled in the deferred compensation program for no less than six (6) consecutive months immediately preceding receipt of the ma tch;
(b) Employee has deferred the maximum allowable by the Internal Revenue Service within the six (6) months preceding receipt of the match.”
Section 2. Amend Title 29 of the Delaware Code by adding a new section 6060 to read as follows:
“§6060. Employer Match Plan.
The Deferred Compensation Council is hereby authorized and directed to establish a plan pursuant to §401(a) of the Internal Revenue Code of 1986, as amended.”
Section 3. Amend Title 29 of the Delaware Code by adding a new section 6061 to read as follows:
“§6061. Employer contribution to qualified participants.
Commencing January 1, 2001, and each pay period thereafter, an amount equal to one-hundred
(100) percent of the voluntary contribution of every qualified participant, not to exceed ten
(10) dollars per pay period, shall be credited to the §401(a) account of each qualified participant
making a voluntary deferral under the provisions of this chapter. The employer contribution
shall be remitted each pay period by the State Treasurer from an appropriation authorized for this
Modifications to the match amount per pay period, percentage of contribution matched, number
of pay periods per year to be matched and other fiscal and operational aspects of the program are
contingent upon funding by the General Assembly and may be administered through rules
and regulations promulgated by the Deferred Compensation Council and pursuant to §401(a) of
the Internal Revenue Code.”
Approved August 10, 2000