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State of Delaware Pension Plan
Excerpt from: University of Delaware Policies and Procedures Manual, Section: Personnel The State of Delaware Pension Plan (Chapter 55, Title 29, Delaware Code) mandates that all University salaried and hourly staff participate upon date of hire. Employees contribute the following: a) 3% on earnings in excess of $6,000/year up to the social security wage base for the year, and b) 5% on earnings over the social security wage base. In accordance with the Statute, the pension benefit formula uses the highest three-year average salary and total creditable service. Age/Service Criteria For State Pension Retirement Full Benefits: * 30 years service/any age * 15 years service/age 60 or older * 5 years service/age 62 or older Reduced Benefits: * 25 years service/any age * 15 years service/age 55 or older Vested Benefits: * At least 5 years service Note: Upon separation from service, employees may either leave their contributions with the State Employees Retirement Fund and apply for vested benefits at age 62 OR request a refund of any contributions paid into the program. With five years of service, in addition to a service or vested pension, disability benefits are also available and in the event of an employee's death, a survivor pension would be payable as well. (See Disability Income (State Pension Plan) for more information on disability benefits.) State Sponsered Benefits at Retirement Health Insurance: * Under age 65: Same coverage as when employed. * Over age 65: Medicare supplement applies. * Hire date 7/1/91 or later: State funding depends on total service. * Hire date prior to 7/1/91, State funding is similar to active employee schedule. Death Benefit - $7,000 Dental Plan - Optional coverage is available through the Blue Cross Blue Shield and United Concordia programs. Blood Bank - Optional free membership For more information: |
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