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The state of Delaware is poised to begin a phase-in of its pensions in the coming weeks, and the state’s pension officials are welcoming new retirees into the ranks.
A number of the pension offices in the state, including the pension office in Wilmington, Delaware, and in the city of Dover, Delaware are scheduled to begin offering full-time, full-benefit pensions to retirees beginning at 6 p.m. on Friday, May 2.
Delaware’s state pensions program is designed to keep the state financially afloat in the event of a major financial crisis.
Under Delaware law, all new retirees will receive full pensions starting at age 65.
The Delaware Pension Administration, which manages the state pension program, says it expects to begin the phase-out of full-year pensions by July 1.
The first full-phase phase-outs will take place at the pension facilities in Wilmington and Dover.
Those are expected to take place beginning at 1 p. m. on April 30.
A full-cycle phase-up of Delaware’s pensions will start in 2019.
The full-state phase-down of Delaware pensions, which started in 2021, will take effect in 2020.
The state’s transition to a phaseout phase-one will start on May 1, 2021.