Delaware Code Title 29 Sec. 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.
Terms Used In Delaware Code Title 29 Sec. 5591
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Compensation: shall mean all salary, wages and fees, including overtime payments and special payments for extra duties, payable to a member for service credited under paragraph (4)a. See Delaware Code Title 29 Sec. 5551
- Contract: A legal written agreement that becomes binding when signed.
- Employee: shall mean :
- Fund: shall mean the Fund established by § 5593 of this title. See Delaware Code Title 29 Sec. 5551
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) An employee can purchase service credit or repay a withdrawal benefit using a rollover distribution from:
(1) A direct rollover of an eligible rollover distribution from:
a. A qualified plan described in § 401(a) [26 U.S.C. § 401(a)] of the United States Internal Revenue Code;
b. An annuity contract described in § 403(b) [26 U.S.C. § 403(b)] of the United States Internal Revenue Code; or
c. An eligible plan under § 457(b) [26 U.S.C. § 457(b)] of the United States Internal Revenue Code.
(2) A participant contribution of an eligible rollover distribution from:
a. A qualified plan described in § 401(a) [26 U.S.C. § 401(a)] of the United States Internal Revenue Code;
b. An annuity contract described in § 403(b) [26 U.S.C. § 403(b)] of the United States Internal Revenue Code; or
c. An eligible plan under § 457(b) [26 U.S.C. § 457(b)] of the United States Internal Revenue Code.
(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;