Section 5603 - Closed plan - Amount of pensions; method of determiningFor members covered by the closed plan:
(1) The amount of the annual pension shall be determined by first arriving at the retiring member's average annual compensation during the member's highest paid 3 years comprised of 3 periods of 12 consecutive months for the member's services as a judge or, in the event a judge becomes entitled to a pension prior to having served 3 years as a judge, then the average annual compensation during the member's entire term for the member's services as a judge and multiplying the average annual compensation so computed by 3% and then multiplying the product thus obtained by the total number of years of service as a judge (including fractions of years), including all years of service of the retiring judge both prior and subsequent to becoming a member of the state judiciary and both prior and subsequent to filing a declaration of acceptance of the provisions of this chapter in accordance with § 5605 of this title.(2)a. Anything to the contrary in this subsection notwithstanding, the maximum pension which a retired judge shall receive is three quarters of the average annual compensation during the retired judge's highest paid 3 years comprised of 3 periods of 12 consecutive months. Anything to the contrary in this subsection notwithstanding, the minimum pension which a retired judge shall receive is one half of the retired judge's average annual compensation during the judge's highest paid 3 years comprised of 3 periods of 12 consecutive months, or, in the event a judge retires before the judge has served 3 years as a judge, then one half the average annual compensation during such retired judge's entire term of service.b. Anything to the contrary in this section notwithstanding, the pension of a retired judge who has served more than 25 years and who retires between January 1, 1988, and December 31, 1989, shall be three fourths of his or her average annual compensation to be computed based on a period equal to the retired judge's highest paid 60 consecutive months reduced by 1 month for each month of service as a judge in excess of 25 years up to a maximum reduction of 24 months. In no case shall a retired judge's average annual compensation as calculated under this paragraph be based on a period of less than 36 months.(3) The amount of the annual pension paid to any widow or dependent children of a deceased member of the state judiciary shall be an amount equal to two thirds of the annual pension such member of the state judiciary, if the member dies while in office, would have been entitled to receive if the member had retired for disability on the day of the member's death or shall be an amount equal to two thirds of the pension of the deceased member of the state judiciary if the member died after having retired on pension. The amount of an annual pension paid to any widow or dependent children of a deceased member of the state judiciary who shall die during a period of involuntary retirement after having served at least 12 years as a judge, but before having reached age 65, shall be an amount equal to two thirds of the annual pension such member of the state judiciary would have been entitled to receive if the member had lived to the age of 65. Such pensions shall be paid in equal monthly installments.29 Del. C. 1953, § 5604; 50 Del. Laws, c. 119, § 1; 50 Del. Laws, c. 533, § 2; 53 Del. Laws, c. 242, § 2; 56 Del. Laws, c. 198, § 3; 62 Del. Laws, c. 415, §11; 66 Del. Laws, c. 156, §§1, 2; 66 Del. Laws, c. 346, §1; 70 Del. Laws, c. 186, § 1; 71 Del. Laws, c. 476, §§ 5, 6; 77 Del. Laws, c. 66, § 2.;