Retirement Plans

The Authority offers three (3) different retirement plans for employees hired on or after January 1, 2015.

1) Delaware River and Bay Authority Employees’ Retirement Plan (‘the Pension Plan’)

The Authority provides a mandatory defined benefit (DB) plan which pays a monthly annuity upon retirement. The plan is administered by PNC Bank.  The monthly annuity payment is calculated based on age, years of service and the highest average 36 months of compensation.

Employees are required to contribute 3% of their base wages to the Pension Plan on a pre-tax basis.  Employees become 100% vested after ten (10) years of active service.  If you leave the Authority prior to becoming 100% vested, then you may roll-over or take a payout of your contributions with interest.

You will select payment options and beneficiaries upon retirement from the Authority under the Pension Plan.

2) Delaware River and Bay Authority Employees’ Defined Contribution Plan (401(a))

The Authority also provides a mandatory defined contribution (DC) 401(a) retirement savings plan.

Employees are required to contribute 2% of their base wages to the 401(a) plan on a pre-tax basis.  The Authority matches 100% of the 2% employee contribution.  Employees are always 100% vested in their own contributions to the plan.  Employees become 100% vested in the Authority’s match after five (5) years of active service.  If you leave the Authority prior to becoming 100% vested, then you may roll-over or take a distribution of your contributions with earnings but not the Authority’s matching contributions and earnings.

The default investment option under the 401(a) Plan is the Target Date Fund nearest your normal retirement date (typically age 65). You may choose from a menu of other mutual fund investment options through the Authority’s record-keeper, Voya Financial.  You will find the menu of investment options and a prospectus on each fund on the Voya website. 

You will select your beneficiaries upon enrollment in the 401(a) Plan.  You may update your beneficiaries at any time by visiting the Voya website or calling Voya Customer Service.

3) Delaware River and Bay Authority Employees’ 457b Deferred Compensation Plan (457(b))

The Authority also offers a voluntary deferred compensation (DC) 457(b) retirement savings plan.

Employees may (optional) defer 2% of their base wages, plus an additional dollar amount, to the 457(b) plan. The Authority will match 100% of the first 2% that the employee defers to the plan. (Note: The Authority’s match on the 457(b) deferred amount will be deposited into the employee’s 401(a) plan account.)

Employee deferrals to the 457(b) plan can be made on a pre-tax or Roth (after-tax) basis, or a combination of these. Employees are always 100% vested in their own deferrals to the plan. Employees become 100% vested in the Authority’s deferral match after five (5) years of active service. If you leave the Authority prior to becoming 100% vested, then you may roll-over or take a distribution of your contributions with earnings but not the Authority’s matching contributions and earnings.

Like the 401(a) Plan, the 457(b) Plan is administered through the Authority’s record-keeper, Voya Financial. In addition, the default investment is the Target Date Fund nearest your normal retirement date and the same menu of other investment options is available under the 457(b) also.

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
page
elementor_library
ninja-table
oceanwp_library