§ 58-86-45. Additional retroactive membership.
§ 58‑86‑45. Additional retroactive membership.
(a) Any fireman orrescue squad worker who is now eligible and is a member of a fire department orrescue squad chartered by the State of North Carolina and who has notpreviously elected to become a member may make application through the board oftrustees for membership in the fund on or before March 31, 2001. The personshall make a lump sum payment of ten dollars ($10.00) per month retroactivelyto the time he first became eligible to become a member, plus interest at anannual rate of eight percent (8%), for each year of his retroactive payments.Upon making the lump sum payment, the person shall be given credit for allprior service in the same manner as if he had made application for membershipat the time he first became eligible. Any member who made application formembership subsequent to the time he was first eligible and did not receivecredit for prior service may receive credit for this prior service upon lumpsum payment of ten dollars ($10.00) per month retroactively to the time hefirst became eligible, plus interest at an annual rate of eight percent (8%),for each year of his retroactive payments. Upon making this lump sum payment,the date of membership shall be the same as if he had made application formembership at the time he was first eligible. Any fireman or rescue squadworker who has applied for prior service under this subsection shall have untilJune 30, 2001, to pay for this prior service and, if this payment is not madeby June 30, 2001, he shall not receive credit for this service, except asprovided in subsection (a1) of this section.
(a1) Effective July 1,1993, any fireman or rescue squad worker who is a current or former member of afire department or rescue squad chartered by the State of North Carolina maypurchase credit for any periods of service to any chartered fire department orrescue squad not otherwise creditable by making a lump sum payment to theAnnuity Savings Fund equal to the full liability of the service credits calculatedon the basis of the assumptions used for purposes of the actuarial valuation ofthe system's liabilities, which payment shall take into account the retirementallowance arising on account of the additional service credit commencing at theearliest age at which the member could retire on a retirement allowance, asdetermined by the board of trustees upon the advice of the consulting actuary,plus an administrative fee to be set by the board of trustees.
(b) An eligible firemanor rescue squad worker who is not yet 35 years old may apply to the board oftrustees for membership in the fund at any time. Upon becoming a member, theworker may make a lump sum payment of ten dollars ($10.00) per monthretroactively to the time the worker first became eligible to become a member,plus interest at an annual rate to be set by the board for each year ofretroactive payments. Upon making this lump sum payment, the worker shall begiven credit for all prior service in the same manner as if the worker had appliedfor membership upon first becoming eligible.
A member who is not yet 35years old may receive credit for the prior service upon making a lump sumpayment of ten dollars ($10.00) for each month since the worker first becameeligible, plus interest at an annual rate to be set by the board for each yearof retroactive payments. Upon making this lump sum payment, the date ofmembership shall be the same as if the worker had applied for membership uponfirst becoming eligible. (1985 (Reg. Sess., 1986), c. 1014, s. 49.1(a); 1989,c. 693; 1993, c. 429, s. 1; 1995, c. 507, s. 7.21A(f); 2000‑67, s.26.17(a); 2009‑66, s. 2(f).)