The Police Retirement Fund, hereafter in this subchapter referred to as “Fund,” shall be created in the following manner:
All rewards offered for any particular service, when otherwise payable to any member of the State Police, shall be paid to the Secretary of Finance and shall be credited by the Secretary to the account of the Fund. Also there shall be deducted each month from the monthly payroll of each member of the State Police 5 percent of the amount of the member’s salary and such amount shall be paid to the Secretary of Finance and shall be credited by the Secretary to the account of the Fund; provided, however, that for any member of the State Police who has completed 20 years of credited service and who was hired before July 1, 1980, and for any member of the State Police who ha
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The Police Retirement Fund, hereafter in this subchapter referred to as “Fund,” shall be created in the following manner:
All rewards offered for any particular service, when otherwise payable to any member of the State Police, shall be paid to the Secretary of Finance and shall be credited by the Secretary to the account of the Fund. Also there shall be deducted each month from the monthly payroll of each member of the State Police 5 percent of the amount of the member’s salary and such amount shall be paid to the Secretary of Finance and shall be credited by the Secretary to the account of the Fund; provided, however, that for any member of the State Police who has completed 20 years of credited service and who was hired before July 1, 1980, and for any member of the State Police who has completed 25 years of credited service and who was hired after July 1, 1980, as defined in this chapter, there shall be deducted from the monthly payroll of each such member of the State Police 2 percent of the amount of the member’s salary and such amount shall be paid to the Secretary of Finance and shall be credited by the Secretary to the account of the Fund. At the same time, the Secretary of Finance shall transfer from the funds of the Department of Safety and Homeland Security and credit to the Fund, each month, a sum equivalent to 5 percent of the amount of the monthly payroll of all of the members of the State Police. If at any time there shall be insufficient money in the Fund for the purposes of this subchapter, the Secretary of Finance shall transfer from the funds of the Department of Safety and Homeland Security sufficient money to make up any such deficiency. No money shall be paid out of the Fund thus created, except for the purposes of this subchapter and on warrants of the Board of Pension Trustees. The assets of the Fund will be commingled in the Delaware Public Employees’ Retirement System as provided for by § 8308 of Title 29. Effective July 1, 1997, employee pension contributions made pursuant to this section shall not be subject to adjustment or recovery after the expiration of 3 full calendar years from December 31 of the year in which the contributions were made unless no contributions were paid during that calendar year.
41 Del. Laws, c. 262, § 2 ; 11 Del. C. 1953, § 8322; 57 Del. Laws, c. 741, §§ 41B, 41C ; 60 Del. Laws, c. 695, § 1 ; 66 Del. Laws, c. 295, § 1 ; 70 Del. Laws, c. 186, § 1 ; 71 Del. Laws, c. 121, § 4 ; 71 Del. Laws, c. 165, § 6 ; 74 Del. Laws, c. 110, § 138