20 NCAC 02N .0216. REFUNDS

(a)  Any member may withdraw from the pension fund and apply for a refund of his or her monthly payments.  Except as provided in Paragraph (b) of this Rule, upon receipt of an application for refund submitted in accordance with this Rule, the office of the director will refund the monthly payments.

(b)  If all or part of a member's monthly payments have been made by another person, firm, or corporation, and if that person, firm, or corporation has notified the office of the director of the payment and the amount at the time of each payment, whether by continuing or separate notice, then upon receipt of an application for refund submitted in accordance with this Rule, the office of the director will refund to that person, firm, or corporation the money paid on behalf of the member.

(c)  Only monthly payments will be refunded.  No interest will be paid on the monthly payments that are refunded.

(d)  The application for refund may be obtained from the office of the director at the address shown in Rule .0106 of this Subchapter.  The application asks for personal identification information including the name of the withdrawing member and the fire department or rescue squad to which he or she last belonged.  The application must be witnessed and notarized.  When both a member and another person, firm or corporation have made the monthly payments for the member they may jointly request a refund.

(e)  Acceptance of a refund completely terminates all rights and claims that the withdrawing member and his or her beneficiaries, heirs or assigns may have against the pension fund.  In addition a member who accepts a refund will lose the service credit for the time period covered by the refund and if the member rejoins the pension fund he or she may not receive service credit for that period.

(f)  Any person who has withdrawn from the pension fund two times is not eligible to join the pension fund a third time.

 

History Note:        Authority G.S. 58‑86‑10; 58‑86‑60;

Eff. June 1, 1988;

Recodified from 3 NCAC 3 Eff. May 1, 1993;

Amended Eff. December 1, 1993.