State of Delaware Office of Pensions
A Participant may retire at any time on or after the Participant's Normal Retirement Date and receive a pension at the annual rate of 1 3/4 percent of the Participant's Final Average Base Salary multiplied by the Participant's Years of Credited Service for up to 30 Years of Credited Service.
“Normal Retirement Date” means the first day of the month coincident with or next following the later of a Participant's 65th birthday and the completion of five Years of Credited Service.
“Base Salary” means base salary as established by the Employer excluding all other compensation such as, for example, overtime pay, and, in any event, excluding any compensation paid with respect to employment in excess of 40 hours in any one calendar week. Base Salary shall include contributions picked up by the Employer pursuant to section 414 (h) (2) of the Internal Revenue Code. Base Salary taken into account shall not exceed the amount that may be taken into account pursuant to section 401 (a) (17) of the Internal Revenue Code as amended or replaced hereafter.
“Final Average Base Salary” means the average of the Participant's annual Base Salary for those 60 consecutive months of the Participant's last 120 months of employment with the Employer that produce the highest average.
“Years of Credited Service” means those years of credited service which will be credited under the Plan only with respect to employment with the Employer as an Employee.