GENERAL ASSEMBLY OF NORTH CAROLINA
1987 SESSION
CHAPTER 667
AN ACT TO IMPOSE FEES FOR WITHDRAWING FROM OR REJOINING THE NORTH CAROLINA FIREMEN'S AND RESCUE SQUAD WORKERS' PENSION FUND.
The General Assembly of North Carolina enacts:
Section 1. G.S. 118-43(4) is rewritten to read:
"(4) Any member withdrawing from the fund shall, upon proper application, be paid all moneys the individual contributed to the fund without accumulated earnings on the payments after the time they were made less an administrative fee equal to the lesser of the amount the individual contributed to the fund or twenty-five dollars ($25.00). The administrative fees collected by the fund shall be retained by the Board to defray administrative expenses, including salaries. Notwithstanding the foregoing, if any person, firm, corporation, or other entity has made contributions on behalf of a member and that member withdraws from the fund, the person, firm, corporation, or other entity shall be entitled to a refund equal to the amount of contributions made by them after the Board has been notified of the contributor's desire to be refunded its contributions upon the member's withdrawal. Any refunds to a contributor other than a member shall also be subject to the twenty-five dollar ($25.00) administrative fee. If a refund is to be shared by a member and another party the administrative fee shall be applied to each portion on a pro rata basis."
Sec. 2. Article 3 of Chapter 118 of the General Statutes is amended by adding a new section G.S. 118-41.2 to read as follows:
"§ 118-41.2. Administrative fee for rejoining the fund.-Any individual who had been a member of the fund and who applies to rejoin the fund shall not be entitled to membership until he or she has paid an administrative fee of twenty-five dollars ($25.00), which fee shall be in addition to any other charges or payments required by the board of trustees to rejoin the fund based upon the fund's loss of earnings resulting from the member's withdrawal from the fund. The administrative fees collected by the fund shall be retained by the Board to defray administrative expenses, including salaries."
Sec. 3. This act shall become effective August 1, 1987.
In the General Assembly read three times and ratified this the 24th day of July, 1987.