Delaware Code Title 29 Sec. 5529 – Death benefit
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Upon the death of an employee, former employee or pensioner or if a survivor’s pension is payable upon such death, when such pension ceases to be payable, there shall be paid to the designated beneficiary or, in the absence of a designated beneficiary, to the estate of the employee, former employee or pensioner a lump sum equal to the excess, if any, of the accumulated employee contributions with interest over the aggregate of all pension payments made.
29 Del. C. 1953, § ?5529; 57 Del. Laws, c. 592, § ?1;
Terms Used In Delaware Code Title 29 Sec. 5529
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- employee: as used in this chapter shall exclude all designated faculty and designated professional staff of the University of Delaware who are first employed by the University after June 1, 1970. See Delaware Code Title 29 Sec. 5505