Delaware § 5577 Amount of monthly service or disability pension [For application of this section, see 79 Del. Laws, c. 315, § 10]

Delaware Statutes

§ 5577 — Amount of monthly service or disability pension [For application of this section, see 79 Del. Laws, c. 315, § 10]

Delaware·Title 29·Part Public Officers and Employees·Ch. 55A COUNTY AND MUNICIPAL PENSION PLAN·Subch. Eligibility Requirements and Benefits

(a)The amount of the monthly service or disability pension payable to a retired member shall be1/60of the retired member’s final average compensation multiplied by the number of years, taken to the nearest twelfth of a year, in the retired member’s period of credited service.

(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 t

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(a) The amount of the monthly service or disability pension payable to a retired member shall be1/60of the retired member’s final average compensation multiplied by the number of years, taken to the nearest twelfth of a year, in the retired member’s period of credited service.

(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 § 5577 (Amount of monthly service or disability 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.