Delaware Code Title 29 Sec. 5577 – Amount of monthly service or disability pension
(a) The amount of the monthly service or disability pension payable to a retired member shall be 1/6 0 of the retired member‘s final average compensation multiplied by the number of years, taken to the nearest twelfth of a year, in the retired member’s period of credited service.
Terms Used In Delaware Code Title 29 Sec. 5577
- Board: shall mean the Board of Pension Trustees established by § 8308 of this title. See Delaware Code Title 29 Sec. 5551
- Compensation: shall mean all salary, wages and fees, including overtime payments and special payments for extra duties, payable to a member for service credited under paragraph (4)a. See Delaware Code Title 29 Sec. 5551
- Credited service: shall mean , for any individual:
- Employee: shall mean :
- Member: shall mean a person who is an employee on or after the date the employer affiliates with the Fund. See Delaware Code Title 29 Sec. 5551
- Retired member: shall mean a member who has terminated service, other than an inactive member, who is eligible to receive a service or disability pension under this chapter. See Delaware Code Title 29 Sec. 5551
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) Notwithstanding provisions of this chapter to the contrary, a member may elect to have his or her service or disability pension computed under this chapter reduced by 2% thereby providing a survivor’s pension equal to 2/3 of such reduced amount to the employee‘s eligible survivor or survivors at the time of the employee’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the employee’s first benefit check and shall be irrevocable.
(c) Notwithstanding provisions of this chapter to the contrary, a member may elect to have his or her service or disability pension computed under this chapter reduced by 3% thereby providing a survivor’s pension equal to 75% of such reduced amount to the employee’s eligible survivor or survivors at the time of the employee’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the employee’s first benefit check and shall be irrevocable.
(d) Notwithstanding provisions of this chapter to the contrary, a member may elect to have his or her service or disability pension computed under this chapter reduced by 6% thereby providing a survivor’s pension equal to 100% of such reduced amount to the employee’s eligible survivor or survivors at the time of the employee’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the employee’s first benefit check and shall be irrevocable.
62 Del. Laws, c. 398, § ?1; 67 Del. Laws, c. 86, § ?14; 70 Del. Laws, c. 186, § ?1; 75 Del. Laws, c. 132, § ?1; 79 Del. Laws, c. 315, § ?4;