CHAPTER 58
FORMERLY
HOUSE BILL NO. 110
AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE STATE EMPLOYEE'S PENSION PLAN; AND PROVIDING A CREDITED SERVICE OPTION FOR TEACHERS FORMERLY EMPLOYED IN THE "JOBS FOR DELAWARE GRADUATES" PROGRAM.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend subsection (b), Section 5501, Chapter 55, Title 29 of the Delaware Code by adding thereto a new paragraph, designated as paragraph (18), which new paragraph shall read as follows:
"(18) Service with the Jobs for Delaware Graduates (JDG) program a teacher or administrator of the program; provided however, that the individual pays into the Fund, on or before the date of issuance of the individual's first benefit check, a single lump-sum payment equal to the actuarial value of the pension benefits to be derived from such service credit computed on the basis of actuarial assumptions approved by the Board and the individual's attained age and final average compensation. Any credited service purchased under this paragraph shall not be used to determine eligibility for benefits under this chapter. No individual shall purchase more than one year of State credited service for each year of JDG service, up to a maximum total of five years provided, further, that each year of State credited service may not result in pension credit for another Delaware Pension Plan."
Section 2. Effective Date.
The provisions of this Act shall become effective on July 1, 2003. Each individual employed by the JDG before the effective date of this Act, or after such effective date, shall be eligible.