Source: http://delcode.delaware.gov/title29/c055a/sc03/index.shtml
Timestamp: 2014-10-01 20:20:06
Document Index: 380337751

Matched Legal Cases: ['§ 5591', '§ 5592', '§ 5593', '§ 5594', '§ 5595', '§ 5591', '§ 408', '§ 408', '§ 1', '§ 1', '§ 2', '§ 3', '§ 5592', '§ 1', '§ 5593', '§ 401', '§ 401', '§ 8308', '§ 18', '§ 8', '§ 8', '§ 5594', '§ 414', '§ 414', '§ 5591', '§ 2', '§ 5595', '§ 89']

§ 5591 § 5592 § 5593 § 5594 § 5595 TITLE 29
§ 5591 Member contributions.
(a) Effective January 1, 2006, employee contributions to the Fund shall be 3% of total annual compensation in excess of $6,000. In no event shall total compensation during any calendar year in excess of $6,000 be exempt from contributions.
(b) An employee can purchase service credit or repay a withdrawal benefit using a rollover distribution from:
(3) A participant rollover contribution of the portion of a distribution from an individual retirement account or annuity described in § 408 [26 U.S.C. § 408] of the United States Internal Revenue Code that is eligible to be rolled over and would otherwise be includible in gross income."
62 Del. Laws, c. 398, § 1; 70 Del. Laws, c. 186, § 1; 73 Del. Laws, c. 419, §§ 2, 3; 75 Del. Laws, c. 132, § 3.; § 5592 Employer contributions.
The contribution of an employer for each fiscal year shall be the percentage of covered payroll approved by the Board on the basis of the most recent actuarial valuation, and shall equal:
(1) The normal cost; plus
(2) Adjustments for actuarial gains and losses or increases in benefits adopted on or subsequent to participation; plus
(3) Administrative costs.
62 Del. Laws, c. 398, § 1.; § 5593 Establishment of Fund.
There shall be established a County and Municipal Employees' Retirement Fund, hereinafter referred to as the "Fund," separate and distinct from the Fund established under Chapter 55 of this title, to which county or municipal appropriations and other employer contributions shall be deposited monthly, and to which member contributions shall be deposited upon deduction from the member's paycheck, and to which earnings on investments, refunds and reimbursements shall be deposited upon receipt, and from which benefits shall be paid and fees and expenses authorized by the Board shall be paid. Subject to Internal Revenue Code § 401(a)(24) [26 U.S.C. § 401(a)(24)], the assets of the Fund will be commingled in the Delaware Public Employees' Retirement System as provided for by § 8308 of this title. The assets of the Fund are held in trust and may not be used for or diverted to any purpose other than for the exclusive benefit of the employees and their beneficiaries.
67 Del. Laws, c. 86, § 18; 71 Del. Laws, c. 121, § 8; 76 Del. Laws, c. 279, § 8.; § 5594 Employer pickup of member contributions.
(a) Each participating employer, pursuant to the provisions of § 414(h)(2) of the United States Internal Revenue Code [26 U.S.C. § 414(h)(2)], shall pick up and pay the contributions which would otherwise be payable by the members under § 5591 of this title. The contributions so picked up shall be treated as employer contributions for purposes of determining the amounts of federal income taxes to withhold from the member's compensation.
68 Del. Laws, c. 358, § 2.; § 5595 Payment of benefits.
Benefits shall be due and payable under this chapter only to the extent provided in this chapter, and neither the State nor the County and Municipal Employees' Retirement Fund shall be liable for any amount in excess of such sums.
71 Del. Laws, c. 132, § 89.; Site Footer