Terms Used In Delaware Code > Title 29 > Chapter 55A - County and Municipal Pension Plan

• 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.
• Approved medical leave: means a leave of absence from employment, without pay, for a definite period of time, authorized by the employer, and necessitated by the employee's mental and/or physical condition. See Delaware Code Title 29 Sec. 5551
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• Board: shall mean the Board of Pension Trustees established by § 8308 of this title. See Delaware Code Title 29 Sec. 5551
• Child: means a person who has not reached the age of 18 years. See Delaware Code Title 1 Sec. 302
• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Delaware Code Title 6 Sec. 2A-103
• 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
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for personal, family, or household purposes. See Delaware Code Title 6 Sec. 2A-103
• Contract: A legal written agreement that becomes binding when signed.
• Council: means the Council on Development Finance created by § 8707A of this title. See Delaware Code Title 29 Sec. 8702A
• Credited service: shall mean , for any individual:

  a. See Delaware Code Title 29 Sec. 5551

• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Finance. See Delaware Code Title 30 Sec. 101
• Dependent: A person dependent for support upon another.
• Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the Division of Small Business. See Delaware Code Title 29 Sec. 8702A
• Division of Revenue: means the Division of Revenue of the Department of Finance of the State. See Delaware Code Title 30 Sec. 502
• Employee: shall mean :

  a. See Delaware Code Title 29 Sec. 5551

• Employer: shall mean a county or municipality, including state governmental subdivisions, Delaware State Housing Authority, volunteer ambulance companies, and volunteer fire companies, in Delaware which has affiliated with the Fund established by Chapter 55 of this title as provided in § 5555 of this title. See Delaware Code Title 29 Sec. 5551
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Final average compensation: shall mean 1/6 0 of the compensation paid to an employee during any period of 60 consecutive months or any 60 months comprised of 5 periods of 12 consecutive months in his or her years of credited service in which his or her compensation was highest. See Delaware Code Title 29 Sec. 5551
• Finance lease: means a lease with respect to which:

  (i) The lessor does not select, manufacture or supply the goods;

  (ii) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

  (iii) One of the following occurs:

  (A) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

  (B) The lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

  (C) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

  (D) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing

  (1) Of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person,

  (2) That the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and

  (3) That the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Delaware Code Title 6 Sec. 2A-103

• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fund: shall mean the Fund established by § 5593 of this title. See Delaware Code Title 29 Sec. 5551
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (Section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Delaware Code Title 6 Sec. 2A-103
• Gross receipts: includes all proceeds received by any person engaged in manufacturing within this State for products manufactured in whole or in part within this State where such products are sold to another person, or the fair market value of any such products consumed by the manufacturer or any person affiliated with it, where the fair market value of such products is not received; provided, however, if a product is partially manufactured within this State and partially manufactured elsewhere by the same manufacturer, the gross receipts realized on the ultimate sale, transfer or consumption of said product to be included for purposes of this chapter shall be apportioned to this State in the proportion that the cost of manufacturing thereof in Delaware bears to the full cost of manufacturing the product expended by the same manufacturer, such apportionment to be computed in accordance with regulations of the Secretary of Finance. See Delaware Code Title 30 Sec. 2701
• Inactive member: shall mean a member who:

  a. See Delaware Code Title 29 Sec. 5551

• Juror: A person who is on the jury.
• last known address: shall mean the address determined under paragraph (b)(6)a. See Delaware Code Title 30 Sec. 502
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Delaware Code Title 6 Sec. 2A-103
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. See Delaware Code Title 6 Sec. 2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Delaware Code Title 6 Sec. 2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Delaware Code Title 6 Sec. 2A-103
• Lineal descendant: Direct descendant of the same ancestors.
• Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Delaware Code Title 6 Sec. 2A-103
• Member: shall mean a person who is an employee on or after the date the employer affiliates with the Fund. See Delaware Code Title 29 Sec. 5551
• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means and includes an individual, a trust, estate, partnership, association, company or corporation. See Delaware Code Title 30 Sec. 502
• Person: includes an individual, partnership, firm, cooperative, corporation or any association of persons acting individually or as a unit. See Delaware Code Title 30 Sec. 2701
• Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See Delaware Code Title 6 Sec. 2A-103
• Product: includes any goods, materials, wares, merchandise, machinery, vehicles, solids, liquids or gases or any other item, object or thing which is produced as part of a manufacturing process. See Delaware Code Title 30 Sec. 2701
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Delaware Code Title 6 Sec. 2A-103
• Retired member: shall mean a member who has terminated service, other than an inactive member, who is eligible to receive a service or disability pension under this chapter. See Delaware Code Title 29 Sec. 5551
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
• State: means the State of Delaware. See Delaware Code Title 29 Sec. 8702A
• Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
• Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 30 Sec. 101
• Under age: means an age of less than 18 years. See Delaware Code Title 1 Sec. 302