As used in this chapter:
(1) “Board” shall mean the Plans Management Board pursuant to § 2722 of this title.
(2) “Deferred compensation” means income earned as a public officer or employee of the State which, pursuant to a written agreement between the State and the employee, is set aside for retirement purposes.
(3) “Deferred compensation program” means such plans to allow deferred compensation pursuant to §§ 457, 403(b) and 401(a) of the Internal Revenue Code [26 U.S.C. §§ 457, 403(b) and 401(a)], as may be adopted by the Board.
(4) “Employee” means an individual who is employed by the State, including elected or appointed officials, and who receives compensation wholly or in part directly from the State Treasury or through an agency within the State that is wholly or in part supported by the State. The term “employee” includes employees of the Delaware Transit Corporation and Delaware Solid Waste Authority. Individuals hired on a temporary basis or as consultants shall not qualify as employees.
(5) “Qualified participant” is defined as an employee of the State, including school districts, who has deferred compensation under the provisions of this chapter and satisfies either of the following conditions:
a. Employee must be enrolled in the deferred compensation program for no less than 6 consecutive months immediately preceding receipt of the match;
b. Employee has deferred the maximum allowable by the Internal Revenue Service within the 6 months preceding receipt of the match.