DE SB53

Establishes a new section (§6665) allowing participating employers (volunteer fire companies and ladies auxiliaries) to withdraw from the Delaware Volunteer Firemen's Pension Plan by providing a resolution to the Board.

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

Requires withdrawing employers to make a withdrawal liability payment calculated based on the Fund's unfunded actuarial liability attributable to the employer's retired or retiring members, using the employer's proportionate contribution share over the past five years.

Allows the Board to establish a payment schedule for withdrawal liability over a period not exceeding two years using the Fund's investment return rate.

Vested members retain accrued benefits through the withdrawal date, while non-vested members receive withdrawal benefits under existing provisions; becomes effective July 1, 2015.