Delaware Supplemental Retirement Plan

State:
Multi-State
Control #:
US-CC-21-104
Format:
Word; 
Rich Text
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Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
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FAQ

A supplemental retirement plan gives your top employees a chance to save more once they've maxed out their contribution to a qualified plan, which can increase engagement and retention.

This one-time payment will be included with pensioner's November 30, 2022 monthly pension benefit. Note: Pensioners are only eligible for either the $500 one-time supplement as a pensioner or the $500 one-time supplement as a State employee (for example, substitute or casual/seasonal), but not both payments.

Office of Pensions Age/Service Requirements to Retire Chart Hired 7/1991 - 12/31/2011Hired 1/1/2012 and afterFull Pension: any age and 30 years service age 60 and 15 years service age 62 and 5 years serviceFull Pension: any age and 30 years service age 60 and 20 years service age 65 and 10 years service1 more row

There are some exceptions to the five-year requirement . If you are employed on a permanent part-time basis and worked at least five calendar years, or you're a member with another California public retirement system, contact CalPERS to find out if an exception may apply to you .

Senate Bill 251 includes a one-time salary supplement of $500.00 for pensioners who retired prior to October 21, 2022. This one-time payment will be included with pensioner's November 30, 2022 monthly pension benefit.

Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year.

As a member of the State Employee Pension Plan (SEPP), you earn creditable service time towards your retirement benefit each day on the job. Creditable service is used to determine your eligibility for retirement, monthly pension amount, and cost of health insurance.

Your Future. The State of Delaware offers Comprehensive Retirement and Savings Plans to help YOU build a secure future. The State offers a generous pension. Employees become vested at ten (10) years of service.

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Delaware Supplemental Retirement Plan