(a) This chapter provides a 1-time early retirement option to state employees covered under Chapter 55 of this title who were employees as defined in Chapter 55 of this title between December 1, 1990, and February 1, 1991.
(b) Elected officials shall not be eligible for this early retirement option for the pension they are entitled to receive under § 5527(d) of this title.
(c) Except as provided hereinafter, employees who meet the eligibility requirements as contained in §§ 5306 and 5307 of this title must make their election to retire under this option on the following schedule:
(1) Eligible employees of the State Department of Education, a school district which is part of the state school system, the University of Delaware, Delaware State University or Delaware Technical and Community College must make their elections between March 15, 1991 and April 19, 1991.
(2) All other eligible employees must make their elections between February 1, 1991 and March 15, 1991; however, all members of the Delaware National Guard or members of the U.S. Armed Forces Reserves who have been called to active duty must make their elections within 45 days of the date they are no longer on active duty.
(3) These elections must be made in a form approved by the Board of Pension Trustees and shall be irrevocable.
(4) If it is determined by the State Pension Administrator that an employee is or was unable to make this election in a timely manner due to circumstances beyond the employee’s control, the Administrator may extend the time period for making the election beyond the periods specified in this subsection.
(5) In the event an eligible employee, prior to February 15, 1991, requests a computation of such employee’s prospective pension benefit by the State Pension Administrator, the election required in paragraphs (d)(1) and (d)(2) of this section need not be made until 10 days after the State Pension Administrator has provided the employee, in writing, the amount of the pension benefit said employee will be entitled to receive.
(d) Employees who elect the early retirement option must terminate their employment on the following schedule:
(1) Except as provided hereinafter, employees who elect the option under paragraph (c)(1) of this section must terminate their employment on June 30, 1991 and their pensions will be effective July 1, 1991. Payment for unused sick and vacation pay for these employees will not be disbursed until after June 30, 1991.
(2) Except as provided hereinafter, employees who elect the option under paragraph (c)(2) of this section must terminate their employment on May 31, 1991 and their pensions will be effective June 1, 1991. Payment for unused sick and vacation pay for these employees will not be disbursed until after June 30, 1991.
(3) Employees of the State Pension Office who meet the eligibility requirements under §§ 5306 and 5307 of this title and who elect the early retirement option will be eligible to retire under the option not earlier than December 31, 1991 nor later than December 31, 1992 unless an earlier date is approved by the State Pension Administrator.
(4) Employees who elect the early retirement option and who are deemed to be essential to the normal operation of state government shall have their termination date extended up to 12 months provided such extension is approved unanimously in writing, by a committee, herein referred to as the “Early Retirement Option Delayed Retirement Committee,” comprised of the Director of State Personnel, the Director of the Office of Management and Budget and the Controller General.
(e) Employees who elect the early retirement option under this chapter shall be considered to have also been eligible, for purposes of computing their pensions under § 5527 of this title, to receive a service or disability pension under the provisions of Chapter 55 of this title which were in effect immediately prior to the effective date of the 1976 Pension Act.
(f) No employee whose pension under Chapter 55 of this title is effective prior to January 1, 1991, shall be eligible for the early retirement option contained in this chapter.
(g) Notwithstanding provisions of this chapter to the contrary, employees who retire under the early retirement option contained in this chapter may contract with the State for personal services, as an independent contractor, for a period not to exceed 12 months provided such contractual arrangement is approved unanimously, in writing, by the “Early Retirement Option Delayed Retirement Committee” established by this chapter.
(h) The Director of State Personnel shall submit to the Controller General, Director of the Office of Management and Budget and the Secretary of Finance by December 1, 1991, a report containing the specific disposition of each former employee electing retirement under the provisions of this chapter and the disposition of each position so vacated.
The content of said report shall be comprised of the state employment status of each individual electing retirement under the provisions of this chapter, the position number of the position so vacated, the disposition of the position (deleted, transferred, reclassified, etc.), the actual budgetary savings associated with the vacated position, the original funding source for the vacated position and the actual budgetary savings net of the full retirement cost associated with the retired individual. The accounting period for the preceding actual statistics will be the prior fiscal year.
Further, the report shall, for each affected position for the current fiscal year, estimate the budgetary savings net of the full retirement cost regardless of funding source.