Bill Text: DE SB88 | 2009-2010 | 145th General Assembly | Draft

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Bill Title: An Act To Amend Titles 6 And 12 Of The Delaware Code Relating To Transfers Of Property And Fiduciary Relations.

Spectrum: Bipartisan Bill

Status: (Passed) 2009-07-06 - Signed by Governor [SB88 Detail]

Download: Delaware-2009-SB88-Draft.html

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SPONSOR:	Sen. Booth & Sen. Bonini
	Sen. Sokola, Rep. Schwartzkopf

DELAWARE STATE SENATE

146th GENERAL ASSEMBLY

SENATE BILL NO. 88

AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO DEFERRED COMPENSATION.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1.Amend Chapter 60A, Title 29, Delaware Code by adding thereto the following:

"§6062Hardship distribution allowed

An employee who is legally responsible for one or more college loans in default has an immediate and heavy financial need for the purpose of a hardship distribution from the deferred compensation program.".

SYNOPSIS

This Act allows a hardship distribution from the deferred compensation program to pay off a college loan or loans which are in default.

AUTHOR:Sen. Booth