SENATE BILL NO. 403
AN ACT TO AMEND TITLE 29, DELAWARE CODE, RELATING TO DEFINITION OF FINAL AVERAGE COMPENSATION IN THE STATE EMPLOYEES PENSION PLAN.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §5501(d), Chapter 55, Title 29 of the Delaware Code, by adding at the end thereof the following:
"Employees that receive a final lagged payment for credited service as defined under §2712 of Title 29 shall have added to their creditable compensation the amount of lag pay that is received in determining the final average compensation to be used in the computation of their pension."
Section 2. Amend §5501(d), Chapter 55, Title 29 of the Delaware Code by striking the fraction "1/60" as it appears and substituting in lieu thereof the fraction "1/36".
Approved July 22,2002