19 Del. Admin. Code § 2006-5.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 2006-5.0 - Repayment of Withdrawal Benefits

5.1.1 If a former employee, who withdrew the employee's accumulated contributions upon termination of service again becomes an employee, the employee's service credits to the date of termination shall be restored in accordance with the provisions of 11 Del.C. Ch. 88, if the employee repays the total amount withdrawn, plus an interest rate charge as adopted by the Board, compounded annually, within ninety 90 days after notification from the Office of Pensions.

5.1.2 If the repayment occurs after the ninety (90) days following written notification of such repayment option from the Office of Pensions, the repayment shall be equal to the amount in subsection 5.1 .1 of this regulation, plus, for each full month or fraction thereof following the last day of the ninety (90) day period, interest rate charge as adopted by the Board.

5.1.3 Any interest rate charges collected under subsection 5.1 .1 or 5.1.2 of this regulation shall not be considered part of accumulated contributions and shall not be refunded if the former employee takes a refund of accumulated contributions subsequent to a repayment.

19 Del. Admin. Code § 2006-5.0

25 DE Reg. 272 (9/1/2021) (final)