2014 Delaware Code
Title 29 - State Government
CHAPTER 60A. DEFERRED COMPENSATION FOR PUBLIC OFFICERS AND EMPLOYEES OF THE STATE
§ 6053. Deferred Compensation Council

(a) There shall be established a Deferred Compensation Council for public employees of the State which shall consist of 7 members, as follows:

(1) The Secretary of Finance, State Treasurer, Director of the Office of Management and Budget and the State Insurance Commissioner or their designees shall serve ex officio as members.

(2) Two shall be state employees appointed by the Governor.

(3) One shall be a representative of the public-at-large appointed by the Governor.

(4) Those members who do not serve ex officio shall be appointed for terms of 3 years, commencing, in each case, from the date of appointment; provided, however, that in the initial appointments, members shall, as designated by the Governor at the time of appointment, serve 1, 2 and 3 year terms respectively.

(5) In the case of vacancy on the Council for any reason other than expiration of the term of office, the Governor shall fill such a vacancy for the unexpired term.

(b) The Council shall, subject to any applicable contract provisions, undertake to obtain as favorable conditions of tax treatment as possible, both in the existing program and any later amendments thereto or any later programs as to such matters as: terms of distribution, designation of beneficiaries, withdrawal upon disability, financial hardship or termination of public employment and other optional provisions.

(c) The Council shall be responsible for the general administration of this chapter. Such responsibility shall include, but not be limited to:

(1) The adoption of rules and regulations for the administration of this chapter.

(2) Establishment and implementation of deferred compensation plans including the power to contract for any and all services that may be required to implement such plans.

(d) Except for ex officio members, all members of the Council shall be entitled to reimbursement for those travel and other expenses made necessary by their official duties that are approved by the State Treasurer.

(e) The Council shall be jointly chaired by the Secretary of Finance and the State Treasurer.

(f) The Council shall hold regular meetings at least twice each year, which meetings shall be open to the public in accordance with § 10004 of this title.

(g) Four members of the Council shall constitute a quorum and shall have the power to conduct any and all business authorized under this chapter as long as 1 member present is not an ex officio member.

(h) Council members shall not be liable for any loss sustained by the deferred compensation program as a result of their official acts, unless such acts constitute gross negligence or wilful wrongdoing.

60 Del. Laws, c. 146, § 1; 69 Del. Laws, c. 64, § 84; 75 Del. Laws, c. 88, § 20(6); 75 Del. Laws, c. 350, § 163.;