(a) The amount of the monthly service or disability pension payable to a retired member shall be 1/60 of the retired member’s final average compensation multiplied by the number of years, taken to the nearest twelfth of a year, in the retired member’s period of credited service.
(b) Notwithstanding provisions of this chapter to the contrary, a member may elect to have his or her service or disability pension computed under this chapter reduced by 2% thereby providing a survivor’s pension equal to 2/3 of such reduced amount to the employee’s eligible survivor or survivors at the time of the employee’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the employee’s first benefit check and shall be irrevocable.
(c) Notwithstanding provisions of this chapter to the contrary, a member may elect to have his or her service or disability pension computed under this chapter reduced by 3% thereby providing a survivor’s pension equal to 75% of such reduced amount to the employee’s eligible survivor or survivors at the time of the employee’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the employee’s first benefit check and shall be irrevocable.
(d) Notwithstanding provisions of this chapter to the contrary, a member may elect to have his or her service or disability pension computed under this chapter reduced by 6% thereby providing a survivor’s pension equal to 100% of such reduced amount to the employee’s eligible survivor or survivors at the time of the employee’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the employee’s first benefit check and shall be irrevocable.
62 Del. Laws, c. 398, § 1; 67 Del. Laws, c. 86, § 14; 70 Del. Laws, c. 186, § 1; 75 Del. Laws, c. 132, § 1; 79 Del. Laws, c. 315, § 4.
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