SB42: An Act To Amend Title 29 Of The Delaware Code And Chapter 446 Of Volume 84 Of The Laws Of Delaware Relating To Pensions For The State Judiciary.

Legislative Summary

After enactment of Senate Substitute No. 1 to Senate Bill No. 174 of the 152nd General Assembly (Chapter 446 of Volume 84 of the Laws of Delaware), it was discovered that Senate Substitute No. 1 to Senate Bill No. 174 would, if implemented, jeopardize the qualified federal tax status of the Delaware Public Employees Retirement System by giving individuals who are Justices of the Peace, Commissioners of the Superior Court, Family Court, and Court of Common Pleas (Commissioners), and Magistrates in Chancery (Magistrates), as of the effective date, an election to participate in the Judicial Pension Plan at a different rate of pre-tax contribution than presently required for those individuals under the State Employees Pension Plan (3% or 5%, depending on start date). Based on this information, the Board of Pension Trustees voted unanimously on December 10, 2024, to delay implementation of Senate Substitute No. 1 for Senate Bill No. 174.