§ 5541 — Establishment of Fund

Delaware § 5541

• Jurisdiction: Delaware
• Title: 29
• Part: Public Officers and Employees
• Ch. 55: State Employees’ Pension Plan
• Subch.: Financing and Administration

Text

There shall be established a State Employees’ Retirement Fund, hereinafter referred to as “Fund,” to which state appropriations and other employer contributions shall be deposited monthly and to which employee contributions shall be deposited upon deduction from the employee’s paycheck and to which earnings on investments, any other contributions, gifts, donations, grants, refunds and reimbursements shall be deposited upon receipt and from which benefits shall be paid and fees and expenses authorized by the Board shall be paid. Subject to Internal Revenue Code § 401(a)(24) [26 U.S.C. § 401(a)(24)], the assets of the Fund will be commingled in the Delaware Public Employees’ Retirement System as provided for by § 8308 of this title. The assets of the Fund are held in trust and may not be used for or diverted to any purpose other than for the exclusive benefit of the employees and their beneficiaries.

Legislative History

29 Del. C. 1953, § 5541; 57 Del. Laws, c. 592, § 1 ; 58 Del. Laws, c. 180, § 2K ; 71 Del. Laws, c. 121, § 3 ; 76 Del. Laws, c. 279, § 5