Subject to the provisions of paragraph (2) of this section:
(1) The amount of the annual pension or disability pension payable to a member under the revised plan shall be the sum of 1/24 of final average compensation multiplied by years of service as a judge up to 12 years inclusive, plus 1/48 of final average compensation multiplied by years of service as a judge from 13 to 24 years inclusive. Disability pensions will be computed on the basis of actual service as a judge or 12 years of service as a judge, whichever is greater.
(2) For a member first appointed before July 1, 1980, who accepts the revised plan, as provided in § 5605 of this title, the pension payable under the revised plan shall be the greater of the pension computed in accordance with paragraph (1) of this section or 3% of final average compensation multiplied by years of service as a judge subject to a minimum pension of 50% of final average compensation and a maximum of 75% of final average compensation.
(3) a. Notwithstanding provisions of this section to the contrary, a member may elect to have his or her service or disability pension, computed under this section, reduced by 2%, thereby providing a survivor’s pension equal to 2/3 of such reduced amount to their eligible survivor or survivors at the time of the member’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the member’s first benefit check, and shall be irrevocable.
b. Notwithstanding the provisions of this section to the contrary, an individual receiving a service or disability pension which was effective prior to July 1, 2001, or an individual with a vested right to a service pension, may elect to have his or her service or disability pension reduced by 2%, thereby providing a survivor’s pension equal to two-thirds of such reduced amount to his or her eligible survivor or survivors at the time of his or her death. This election must be made in a form approved by the Board, filed prior to December 15, 2001, to be effective January 1, 2002, for the individual receiving a service or disability pension on July 1, 2001, or, in the case of an individual with a vested right to a service pension, filed prior to the issuance of the individual’s first pension check.
c. Notwithstanding provisions of this section to the contrary, a member may elect to have his or her service or disability pension, computed under this section, reduced by 3%, thereby providing a survivor’s pension equal to 75% of such reduced amount to the member’s eligible survivor or survivors at the time of the member’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the member’s first benefit check, and shall be irrevocable.
d. Notwithstanding provisions of this section to the contrary, a member may elect to have his or her service or disability pension, computed under this section, reduced by 6%, thereby providing a survivor’s pension equal to 100% of such reduced amount to the member’s eligible survivor or survivors at the time of the member’s death. This election must be made in a form approved by the Board, filed prior to the issuance of the member’s first benefit check, and shall be irrevocable.
62 Del. Laws, c. 415, § 5; 70 Del. Laws, c. 186, § 1; 70 Del. Laws, c. 524, § 11; 73 Del. Laws, c. 154, § 1; 79 Del. Laws, c. 315, § 3.
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