DE SB22

Reduces eligibility requirement for correction officers and specified peace officers from 25 years to 20 years of credited service for retirement pension, regardless of age.

Changes pension calculation multiplier for correction officers and specified peace officers to a uniform 2.5% for the first 20 years of service, plus 3.5% for years beyond 20 years (replacing variable rates of 1.85%, 2.0%, and 2.45%).

Increases employee contribution rate for all correction officers and specified peace officers to a uniform 7% of annual compensation in excess of $6,000 (increased from 5%).

Defines "specified peace officers" to include probation and parole officers, Capitol Police, DNR police, University of Delaware Police, State Fire Marshal officers, alcohol and tobacco enforcement agents, Justice of the Peace constables, and juvenile services probation officers.

Provisions take effect immediately except for certain pension calculation sections which take effect January 1, 2019.