State employees’ pension plan (SEPP)

Eligibility

Full and part-time benefits-eligible University employees in non-exempt staff positions covered by the State Employees’ Pension Plan (SEPP)

Plan Administrator

State of Delaware Office of Pensions

Benefit

Once vested, provides retirement income and access to benefits such as medical, prescription drug, dental and vision benefits in accordance with the Stature. 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).

Cost

The Statute mandates that covered University non-exempt (salaried and hourly) staff participate upon date of hire.

Employees contribute the following:

  • 5% on earnings in excess of $6,000/year up to the social security wage base for the year (or 3%, if pension-creditable service began prior to January 1, 2012), AND
  • 5% on earnings over the social security wage base.

Resources

For additional information, including a pension calculator, frequently asked questions, rules and regulations, and details about benefits, see the SEPP website.

Additional Information

When a benefits-eligible University employee changes from a non-exempt to an exempt position, the employee has a one-time option to elect to continue participation in the State Employee’s Pension Plan. Alternatively, the employee may elect to participate in the 403(b) Retirement Plan, receiving University match and discontinue participation in the State Employees' Pension Plan. The retirement plan election, once made, is irrevocable.