(a) There shall be established a State Judiciary Retirement Fund, hereinafter referred to as “Fund.” Each member who elects or who has elected the provisions of this chapter and:

(1) Who was first appointed to the state judiciary prior to July 1, 1980, and is a member covered by the closed plan, shall contribute $500 to the Fund each year for the first 25 years of service; or

(2) Who is a member covered by the revised plan, shall contribute to the Fund each year for the first 24 years of service an amount equal to 3% of annual compensation in excess of $6,000 up to the Social Security wage base, and 5% of total compensation in excess of the Social Security wage base. In no event shall total compensation during any calendar year in excess of $6,000 be exempt from contributions.

Effective July 1, 1997, employee pension contributions made pursuant to this section shall not be subject to adjustment or recovery after the expiration of 3 full calendar years from December 31 of the year in which the contributions were made unless no contributions were paid during that calendar year.

(b) The Board of Pension Trustees shall invest and accumulate the contributions made to the Fund and shall pay all pensions under this chapter from the Fund. If at any time there shall be insufficient money in the Fund for the purposes of this chapter, the Secretary of Finance shall transfer funds from the General Fund to make up any such deficiency. Subject to Internal Revenue Code § 401(a)(24) [26 U.S.C. § 401(a)(24)], the assets of the Fund will be commingled in the Delaware Public Employees’ Retirement System as provided for by § 8308 of this title. The assets of the Fund are held in trust and may not be used for or diverted to any purpose other than for the exclusive benefit of the employees and their beneficiaries.

(c) The benefit provisions of this chapter shall be divided into 2 plans, the closed plan and the revised plan. Members of the state judiciary first appointed before July 1, 1980, who do not elect, as provided in § 5605 of this title, to accept the revised plan shall be members covered by the closed plan even through reappointments to the state judiciary. All other members of the state judiciary who accept the provisions of this chapter, as provided in § 5605 of this title, shall be members covered by the revised plan.

29 Del. C. 1953, § 5602; 50 Del. Laws, c. 119, § 1; 50 Del. Laws, c. 554, § 1; 56 Del. Laws, c. 198, § 1; 57 Del. Laws, c. 741, §§ 39B, 39C; 60 Del. Laws, c. 649, § 1; 62 Del. Laws, c. 415, §§ 2, 3; 71 Del. Laws, c. 121, §§ 6, 7; 71 Del. Laws, c. 165, § 5; 71 Del. Laws, c. 354, § 38; 76 Del. Laws, c. 279, § 6.