19 Del. Admin. Code § 2003-11.0

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

Section 2003-11.0 - Vesting. [Compliance with Code Section 401(a)(7); IRS-approved language]

11.1Plan Terminations. In the event of a full or partial termination of, or a complete discontinuance of employer contributions to, the Delaware State Retirement Fund, all accrued benefits which have been vested according to the provisions of 29 Del.C. Ch. 56, shall be 100% vested and nonforfeitable to the extent funded and to the extent required by federal law.

11.2 A Plan participant shall be 100% vested in all Plan benefits upon attainment of the Plan's age and service requirements for the Plan's normal retirement benefit in 29 Del.C. Ch. 56.

11.3 A Plan participant shall be 100% vested in his or her employee contributions.

19 Del. Admin. Code § 2003-11.0

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