SB20: An Act To Amend Title 29 Of The Delaware Code Relating To Employer Contributions To Deferred Compensation.

Legislative Summary

The State of Delaware previously offered an employer match for state employee contributions to the deferred compensation program. The purpose of the match was to help state employees save and build wealth for retirement and to enable state government to recruit and retain talent by offering a valuable retirement savings benefit. In July 2008, during the Great Recession, the State suspended the employer match to cut costs. Every year since fiscal year 2008, the General Assembly has written in the annual appropriations bill: It is the intent of the General Assembly that this program be reinstated when funding becomes available.