(a) Upon withdrawal from service, any member who does not have ten years of credited service and is not then eligible for a service retirement annuity is entitled to receive a refund of the accumulated contributions, plus regular interest as defined in section 751, including contributions made by the member to any superceded retirement system.
(1) Any member withdrawing from service, who does not receive a refund and later returns to service, shall receive credit for the amount of credited service earned at the time of his withdrawal from service.
(2) Any member receiving a refund shall thereby waive and relinquish all accrued rights in the system including all accrued credited service. If no specific request to the contrary is made by a member within thirty days from the date of his separation from the service, the System may, in its discretion, refund the accumulated contributions of any member who has less than three years of credited service; notwithstanding that the member may not have applied for a refund.
(b) Any member who has received a refund shall be considered a new member upon subsequent re-employment if the person qualifies for membership under the provisions hereof. Provided that the entire refunded amount is repaid to the employee's retirement account, a member's account shall be given service credit upon the repayment of the following:
(1) All of the refunded contributions made under the present system;
(2) Interest as determined by the Board of Trustees, based on information provided to the Board by the system's actuarial consultant; and
(3) Any additional amount as determined necessary by the Board of Trustees, based on information provided to the Board by the system's actuarial consultant.
(c) An employee who takes advantage of the provisions of this subsection must be permitted to make the contributions over a period of time, not to exceed three consecutive years, beginning at the time that the employee's eligibility to make the repayment has been determined. The member shall pay to the System the withdrawn contributions, the interest paid on those contributions prior to withdrawal, the income the system would have earned had those contributions remained in the System, and the interest on the unpaid balance, if the member elects to redeposit on an installment basis, but the payments may not exceed a period of three consecutive years.
(d)
(1) Whenever the System receives from the employer a member’s contributions, due to partial payment of the ‘salary right’ of a member, as defined by 3 V.I.C. §702(z), and the contributions are not adequate to permit the System to adjust the member’s service retirement annuity for paid membership service, or, no Notice of Personnel Action (NOPA) is received to permit the System to adjust the member’s service retirement annuity, the System shall refund the member’s contributions to the member.
(2) Payment of the member’s contributions to the member is final and in lieu of the member’s receipt of membership service credit, and the member is not entitled to any membership service credit that the member would have received, or to which the member would have been entitled, if contributions were paid on compensation created by the “salary right”.