Bill Text: DE SB88 | 2011-2012 | 146th General Assembly | Draft

Delaware Senate Bill 88 (Prior Session Legislation)

Draft

Bill Title: An Act To Amend Title 29 Of The Delaware Code Relating To Deferred Compensation.

Spectrum: Bipartisan Bill

Status: (Engrossed - Dead) 2011-06-22 - Introduced and Assigned to House Administration Committee in House [SB88 Detail]

Download: Delaware-2011-SB88-Draft.html

SPONSOR:	Sen. Booth & Sen. Bonini
	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