North Carolina § 58-84-33 - Maximum fund balances.

§ 58-84-33. Maximum fund balances.

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). The North Carolina State Firefighters' Association shall annually calculate and notify each local department of its relief fund's maximum allowable balance. A local fire department whose relief fund balance, at the time of annual distribution by the Insurance Commissioner, exceeds the amount allowable under subsection (a) of this section shall not be entitled to receive a distribution for that year, and the Commissioner shall redistribute the funds that the department would have received, as provided under G.S. 58-84-25(c1). 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. History (2014-64, s. 1(d); 2016-51, ss. 4, 6.) Editor's Note. - Session Laws 2016-51, s. 6, provides: "Chapter 251 of the Private Laws of 1889 is hereby amended by replacing the words "North Carolina State Firemen's Association" with the words "North Carolina State Firefighters' Association." "The entity formerly known as the North Carolina State Firemen's Association, and now known as the North Carolina State Firefighters' Association, is hereby authorized to amend its corporate documents to conform them to the association's new name by an appropriate filing with the Secretary of State. "The Revisor of Statutes is hereby authorized to replace any occurrences in the General Statutes of the words 'North Carolina State Firemen's Association,' 'North Carolina Firemen's Association,' 'State Firemen's Association,' or any reasonable derivative thereof, with the words 'North Carolina State Firefighters' Association,' including the following sections of the General Statutes: G.S. 58-2-121 , 58-78-1, 58-80-5, 58-80-25, 58-80-60, 58-84-5, 58-84-25, 58-84-33, 58-84-35, 58-84-40, 58-84-41, 58-84-46, 58-84-50, 58-84-52, 58-85-1, 58-85-10, 58-85-20, 58-85-25, 58-85-30, 58-85-35, 58-86-25, 58-87-10, 135-27, 143-136, 143B-1401, 166A-26, and 166A-69." Effect of Amendments. - Session Laws 2016-51, ss. 4 and 6, effective July 1, 2016, made a stylistic change in subsection (a) and substituted "North Carolina State Fire- fighters' Association" for "North Carolina State Firemen's Association" in subsection (b) and twice in subsection (d).