Delaware Code Title 29 Sec. 6061 – Employer contribution to qualified participants
Commencing January 1, 2001, and each pay period thereafter, an amount equal to 100 percent of the voluntary contribution of every qualified participant, not to exceed $10 per pay period, shall be credited to the § 401(a) [26 U.S.C. § 401(a)] account of each qualified participant making a voluntary deferral under the provisions of this chapter. The employer contribution shall be remitted each pay period by the State Treasurer from an appropriation authorized for this purpose.
Terms Used In Delaware Code Title 29 Sec. 6061
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board: shall mean the Plans Management Board pursuant to § 2722 of this title. See Delaware Code Title 29 Sec. 6052
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. 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
Modifications to the match amount per pay period, percentage of contribution matched, number of pay periods per year to be matched and other fiscal and operational aspects of the program are contingent upon funding by the General Assembly and may be administered through rules and regulations promulgated by the Board and pursuant to § 401(a) of the Internal Revenue Code (26 U.S.C. § 401(a)).
72 Del. Laws, c. 488, § ?3; 77 Del. Laws, c. 84, § 7(d); 80 Del. Laws, c. 295, § ?3;