38.11. Where the value of the benefits to which a member is entitled under the new component of the pension plan is transferred further to his cessation of active membership, any stabilization contributions not appropriated to constituting increases in benefits are refunded, to the extent provided by an amendment made to the plan for that purpose. The refund can only be made, however, where the balance of the fund after the refund is equal to or greater than the amount by which the surplus liabilities of the new component exceeds its general account, as determined on the date of the most recent complete actuarial valuation of the plan.
Where the balance of the stabilization fund does not allow payment in full of the value of the stabilization contributions owing, payment of the refund can only be made as provided in the first paragraph.
An amendment referred to in the first paragraph may not be made more than once a year and must apply to the aggregate of the refunds to be made with regard to the 12-month period preceding the amendment.