Delaware Code Title 29 Sec. 6057 – Limitation on investments
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The deferred compensation program may offer any of the following investment options and none other:
(1) Savings accounts in federally insured banking institutions.
(2) United States government bonds or debt instruments.
(3) Life insurance and annuity contracts, provided the companies offering such contracts are subject to regulation by the Insurance Commissioner of the State.
(4) Investment funds registered under the Investment Company Act of 1940.
(5) Securities which are traded on the New York Stock Exchange National Association of Securities Dealers Automated Quotations (NASDAQ) and American Stock Exchange.
Terms Used In Delaware Code Title 29 Sec. 6057
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Deferred compensation: means income earned as a public officer or employee of the State which, pursuant to a written agreement between the State and the employee, is set aside for retirement purposes. See Delaware Code Title 29 Sec. 6052
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302