19 Del. Admin. Code § 2002-12.0

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

Section 2002-12.0 - Vesting. [Compliance with Code Section 401(a)(7); IRS-approved language]

12.1Plan 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. § 5523, shall be 100% vested and nonforfeitable to the extent funded and to the extent required by federal law.

12.2 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. § 5522 (a).

12.3 A Plan participant shall be 100% vested in the Participant's employee contributions.

19 Del. Admin. Code § 2002-12.0

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