§ 58-84-33. Maximum fund balances.

230 words·~1 min read·/nc/chapter-58/58-84-33

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The balance of a local fire department's Firefighters' Relief Fund for a given year shall not exceed the product of multiplying the number of members on the department's roster as of January 1 for that year by the sum of two thousand five hundred dollars ($2,500).

(b)The North Carolina State Firefighters' Association shall annually calculate and notify each local department of its relief fund's maximum allowable balance.

(c)A local fire department whose relief fund balance, at the time of annual distribution by the State Fire Marshal, exceeds the amount allowable under subsection

(a)of this section shall not be entitled to receive a distribution for that year, and the State Fire Marshal shall redistribute the funds that the department would have received, as provided under G.S. 58-84-25(c1).

(d)A board of trustees of a local Firefighters' Relief Fund may, with the authorization of and under guidelines provided by the North Carolina State Firefighters' Association, dedicate a portion of the local Firefighters' Relief Fund towards providing supplemental retirement. Notwithstanding subsection

(a)of this section, if such dedicated amounts are used solely for supplemental retirement within the guidelines provided by the North Carolina State Firefighters' Association, then such dedicated amounts shall not count towards the maximum allowable balance under subsection

(a)of this section. (2014-64, s. 1(d); 2016-51, ss. 4, 6; 2023-151, s. 11.36.)