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
* 30 years service/any age
* 15 years service/age 60 or older
* 5 years service/age 62 or older
* 25 years service/any age
* 15 years service/age 55 or older
* 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
* 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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