Delaware § 8368 Amount of ordinary service pension [For application of this section, see 79 Del. Laws, c. 315, § 10]

Delaware Statutes

§ 8368 — Amount of ordinary service pension [For application of this section, see 79 Del. Laws, c. 315, § 10]

Delaware·Title 11·Part Law-Enforcement Administration·Ch. 83 STATE POLICE·Subch. Service, Disability and Survivor’s Pensions

(a)The amount of the monthly ordinary service pension payable to a retired member shall be the sum of 2.5% of final average compensation multiplied by years of service up to 20 years inclusive, plus 3.5% of final average compensation multiplied by years of service above 20 years.

(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 to2/3of 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

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(a) The amount of the monthly ordinary service pension payable to a retired member shall be the sum of 2.5% of final average compensation multiplied by years of service up to 20 years inclusive, plus 3.5% of final average compensation multiplied by years of service above 20 years.

(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 to2/3of 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.

Delaware § 8368 (Amount of ordinary service pension [For application of this section, see 79 Del. Laws, c. 315, § 10]) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.