§386-205 Refunds. (a) Any moneys for a fund year in excess of the amount necessary to fund all obligations for that fund year may be declared to be refundable by the board of trustees not less than twelve months after the end of the fund year.
(b) Each member shall be given a written description of the refund plan at the time of application for membership. A refund for any fund year shall be paid only to those employers who remain participants in the group for the entire fund year. Payment of a refund based on a previous fund year shall not be contingent on continued membership in the group after that fund year. [L 1986, c 304, pt of §1]
Section: Previous 386-198 386-199 386-200 386-201 386-202 386-203 386-204 386-205 386-206 386-207 386-208 386-209 386-210 386-211 386-212 NextLast modified: October 27, 2016