Delaware Code Title 29 Sec. 5572 – Eligibility for service pension
(a) A member shall become eligible to receive a service pension, beginning with the month after the member has terminated employment, if:
(1) The member has 5 years of credited service, and has attained age 62; or
(2) The member has 15 years of credited service, and has attained age 60; or
(3) The member has 30 years of credited service.
Terms Used In Delaware Code Title 29 Sec. 5572
- Credited service: shall mean , for any individual:
- Employee: shall mean :
- Inactive member: shall mean a member who:
- 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
- Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
- Under age: means an age of less than 18 years. See Delaware Code Title 1 Sec. 302
(b) An inactive member with a vested right to a service pension shall become eligible to receive such pension, computed in accordance with this chapter in effect when he or she ceased to be an employee, beginning with the first month after his or her attainment of age 62.
(c) A member shall become eligible to receive a reduced service pension beginning with the month after he or she has terminated employment, if he or she has 15 years of credited service, and has attained age 55. The amount of the service pension shall be reduced by four-tenths percent for each month the member is under age 60.
62 Del. Laws, c. 398, § ?1; 70 Del. Laws, c. 186, § ?1; 75 Del. Laws, c. 132, § ?5;