DE SB240

Establishes a formal withdrawal process for participating employers in the Delaware Volunteer Firemen's Pension Plan through submission of a resolution from their governing body to the Board.

Prohibits withdrawing employers from rejoining the Fund at any future date.

Requires withdrawing employers to pay a withdrawal liability calculated as their proportional share of the Fund's unfunded actuarial liability, based on contributions made over the past five years relative to all employers' contributions.

Ensures vested members receive accrued benefits through the withdrawal date and non-vested members receive withdrawal benefits under existing provisions.

Provides that withdrawn employers must pay their withdrawal liability within a schedule not exceeding two years, using an interest rate equal to the Fund's investment return rate from the actuarial valuation preceding withdrawal.