As used in this chapter:
(1) “Board” shall mean the Plans Management Board pursuant to § 2722 of this title.
(2) “Deferred compensation” means income earned as a public officer or employee of the State which, pursuant to a written agreement between the State and the employee, is set aside for retirement purposes.
(3) “Deferred compensation program” means such plans to allow deferred compensation pursuant to §§ 457, 403(b) and 401(a) of the Internal Revenue Code [26 U.S.C. §§ 457, 403(b) and 401(a)], as may be adopted by the Board.
(4) “Employee” means an individual who is employed by the State, including elected or appointed officials, and who receives compensation wholly or in part directly from the State Treasury or through an agency within the State that is wholly or in part supported by the State. The term “employee” includes employees of the Delaware Transit Corporation and Delaware Solid Waste Authority. Individuals hired on a temporary basis or as consultants shall not qualify as employees.
(5) “Qualified participant” is defined as an employee of the State, including school districts, who has deferred compensation under the provisions of this chapter and satisfies either of the following conditions:
a. Employee must be enrolled in the deferred compensation program for no less than 6 consecutive months immediately preceding receipt of the match;
b. Employee has deferred the maximum allowable by the Internal Revenue Service within the 6 months preceding receipt of the match.
60 Del. Laws, c. 146, § 1; 72 Del. Laws, c. 488, § 1; 80 Del. Laws, c. 295, § 3.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.