Excerpt from: University of Delaware Policies and Procedures Manual, Section: Personnel
The State of Delaware Employees' Pension Plan (Chapter 55, Title 29, Delaware Code) mandates that all University non-exempt (salaried and hourly) staff participate upon date of hire. Employees contribute the following:
In accordance with the Statute, the pension calculation formula uses total creditable service and the highest three years' salary (including payment for overtime, if pension-creditable service began prior to January 1, 2012).
Age/Service Criteria for State Pension Retirement
Full Pension
* Any age with 30 years of pension-creditable service
* Age 60 with 20 years of creditable service (15 years, if service began prior to January 1, 2012)
* Age 65 with 10 years of creditable service (age 62 with 5 years, if began prior to January 1, 2012).
Reduced Pension (Early Retirement)
* Any age with 25 years of pension-creditable service
* Age 55 with 15 years of pension-creditable service.
Vested Pension
* At least 10 years of creditable service, with pension beginning the month following 65th birthday, or (if pension-creditable service began prior to January 1, 2012) at least 5 years of creditable service, with pension beginning the month following 62nd birthday.
Note: Upon separation from service, employees may either leave their contributions with the State Employees' Pension Plan and apply for a vested (future) pension, OR request a refund of any contributions the employee has paid into the program.
State-Sponsored Benefits at Retirement
Health Insurance
* Under age 65: Same coverage options as are available to active employees.
* Over age 65: Medicare supplemental coverage available.
* State contribution toward health premiums depends on hire date and total creditable service.
Death Benefit
* $7,000
Dental Plan and Vision Plan
* Optional coverage is available through the State of Delaware group.
For more information:
