(A) The Town Board of the Town of Wilkesboro hereby implements the act by providing that payments under the act shall be made beginning with the month of July, 1985, with payment under the act to be made for the month of July, 1985; as soon after August 1, 1985 as the Administrative Department of the Town of Wilkesboro can make payments to the persons certified to be eligible for payment; and the Town Clerk is authorized to proceed with the payments on and after August 1, 1985 for the month of July, 1985; for those who are certified to be eligible for payment in accordance with the terms and conditions of the Bill.
(B) There is established a Supplemental Pension Fund for the Fire Department of the Town of Wilkesboro to be known as the Wilkesboro Firefighter’s Supplemental Pension Fund, hereinafter referred to as Supplemental Pension Fund, and to be administered by a Board composed of the members of the trustees of the Firefighter’s Relief Fund of the Town of Wilkesboro, established in accordance with G.S. §§ 58-84-1 through 58-88-30.
(C) Notwithstanding the provisions of G.S. § 118-7, all funds in the Firefighter’s Relief Fund of the Town of Wilkesboro in excess of $5,000 shall be transferred to the Supplementary Pension Fund prior to January 1, and prior to January 1 of each calendar year thereafter, so as to retain in the Firefighter’s Relief Fund an amount of money not greater than $5,000; provided, however, the Firefighter’s Relief Fund shall have restored the sums from recurring annual receipts as are necessary to maintain a fund of not less than $5,000; provided further, of the funds and subsequent recurring increments transferred from the Firefighter’s Relief Fund of the Town of Wilkesboro to the Supplemental Pension Fund, any or all of the same shall be retrievable by and to the Firefighter’s Relief Fund of the Town of Wilkesboro in order to defray and meet the legitimate claims accruing under the provisions and coverage of the Firefighter’s Relief Fund of the Town of Wilkesboro.
(D) Any person who is a member of the Wilkesboro Fire Department, or a retired member of the Wilkesboro Fire Department, as shown by the records of the Town of Wilkesboro at the time of ratification of this act, or any person who becomes a member, or any firefighter of the Town of Wilkesboro who has become totally and permanently disabled and who has served as a firefighter of the Town of Wilkesboro for 5 or more years is eligible for benefits from the Supplemental Pension Fund; provided that the person has been retired as a member of the Wilkesboro Fire Department under the provisions of the North Carolina Firefighter’s and Rescue Squad Workers’ Pension Fund as set out in Article 3, Chapter 118 of the General Statutes of North Carolina and as participated in by the Town of Wilkesboro, or as a voluntary member of the Fire Department of the Town of Wilkesboro, or has left service because of the total and permanent disability described in this section. This act does not modify or alter in any way the Worker’s Compensation Laws of this state.
(E) Any member who has served 20 years as a firefighter in the Wilkesboro Fire Department and has attained the age of 55 or who has served for 5 or more years and has become totally and permanently disabled is entitled to receive a monthly pension from the Supplemental Pension Fund. This monthly pension shall be in the amount of $75 per month. If, for any reason, the fund shall be insufficient to pay in full any pension benefits or other charges, then all benefits shall be reduced pro rata for as long as the deficiency in amount exists. No claim shall accrue with respect to any amount by which a benefit payment shall have been reduced.
(F) The Treasurer of the Board of Trustees of the Wilkesboro Firefighter’s Relief Fund shall, from time to time, pay to the City Clerk sufficient funds from the Supplemental Pension Fund to pay the beneficiaries on the first day of each and every month any monies the beneficiaries are entitled to under the provisions of this act.
(G) The Treasurer of the Firefighter’s Relief Fund of the Town of Wilkesboro, as custodian of the Supplementary Pension Fund, shall be required to give a bond with an indemnity company authorized to do business in the State of North Carolina as surety in a sum equal to the maximum amount estimated by the Board of Trustees as likely to be in his or her possession as custodian at any time within the fiscal year for which the bond is given. This bond is in lieu of the bond required by G.S. § 118-6. The condition of the bond shall be that the custodian shall faithfully receive, keep, disburse and account for, as provided in this act, all funds and property coming into his or her hands as custodian, and the premiums on the bond shall, be paid by the Town of Wilkesboro.
(H) The custodian of the Supplemental Pension Fund shall invest all monies coming into his or her possession belonging to the Supplemental Pension Fund, except so much as the Board of Trustees from time to time determine is reasonably necessary for the prompt payment of claims and expenses in securities as the Board of Trustees shall select. These securities shall be limited to those named in or authorized by either G.S. § 159-30 or G.S. § 159-31. Investments in certificates of deposit or time deposits in any bank or trust company or savings and loan associations shall not exceed the amount insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, unless these deposits or investments in shares are secured in the manner provided by G.S. § 159-30 or G.S. § 159-31.
(I) The Board of Trustees may accept any gift, grant, bequest or devise or any real or personal property or other instrument of value for the use of the Supplementary Pension Fund.
(J) All laws and clauses of laws in conflict with the provisions of this chapter are repealed.
(K) None of the provisions of this chapter shall create a liability for the Wilkesboro Firefighter’s Supplemental Pension Fund unless sufficient current assets are available in the fund to pay fully for the liability.
(Ord. passed 5-6-1986)