The Board shall direct payment in lump sums from the Fund as follows:
1. To any eligible volunteer firefighter or eligible volunteer who is an individual who meets the definition of “emergency medical services personnel” in § 32.1-111.1 upon attaining age 60 who has at least five but less than 10 years of creditable service as an eligible volunteer, an amount equal to (i) the amount paid into the Fund by him plus (ii) the amount paid into the Fund on his behalf by his fire department or emergency medical services agency plus (iii) the amount paid into the Fund on his behalf by his local government plus (iv) the amount paid into the Fund on his behalf by any other source plus (v) a portion of the amount paid into the Fund, on his behalf, from the general fund of the state treasury pursuant to § 51.1-1204 plus (vi) any investment gains less any losses on the amounts paid into the Fund described under clauses (i) through (v). The portion of the amount paid from the general fund on behalf of such person that shall be paid to such person shall be based upon such person’s years of creditable service as follows: In any case where the person shall be paid less than 100 percent of the general fund contributions made on his behalf, the investment gain or investment loss applicable to such contributions that shall be paid, or subtracted from any payment otherwise required, to such person shall equal the amount of the investment gain or investment loss, applicable to such contributions at the time of payment, multiplied by the percentage of such general fund contributions to be paid to the person as determined under this subdivision.
2. If the eligible volunteer firefighter or volunteer who is an individual who meets the definition of “emergency medical services personnel” in § 32.1-111.1 ceases to serve as a volunteer and has less than five years of creditable service upon attaining age 60, such person shall not be paid, nor have any right or interest in, the amount paid into the Fund on his behalf (i) by his fire department or emergency medical services agency, (ii) from the general fund of the state treasury pursuant to § 51.1-1204, or (iii) by any local government. Such person shall, however, be paid all contributions to the Fund that he has made plus the applicable portion of any investment gains or losses thereon. The amount paid into the Fund on his behalf by his fire department or emergency medical services agency shall remain in the Fund and shall be deemed additional contributions made by such fire department or emergency medical services agency. The amount paid into the Fund on his behalf from the general fund of the state treasury shall remain in the Fund and shall be deemed additional contributions made from the general fund of the state treasury. The amount paid into the Fund on his behalf from a local government shall remain in the Fund and shall be deemed additional contributions from such local government.
3. The provisions of this section shall not be construed to preclude any eligible volunteer firefighter or eligible volunteer emergency medical services personnel from completing the requisite number of years of active service, after attaining the age of 60, necessary to entitle him to the distribution provided for in § 51.1-1205.
4. If an eligible volunteer firefighter or eligible volunteer who is an individual who meets the definition of “emergency medical services personnel” in § 32.1-111.1 dies before a service award is otherwise paid to him under the provisions of this chapter and while he is an eligible volunteer, there shall be paid to his beneficiary an amount equal to the contributions he has made, the matching contributions made on his behalf, and any investment gains on such contributions less any losses. If an eligible volunteer firefighter or eligible volunteer emergency medical services personnel dies before a service award is otherwise paid to him under the provisions of this chapter and while he is no longer an eligible volunteer, there shall be paid to his beneficiary an amount equal to the amount paid into the Fund by the volunteer and any investment gains on that amount, less any losses. For purposes of this section, a member’s beneficiary is the person or persons the member may name on a form prepared by the Board, signed by the member and filed in a manner prescribed by the Board. If there are no such persons, then his beneficiary shall be his spouse; if there is no spouse, then his living children equally; if there are no children, then his heirs-at-law as may be determined by the Board; or if there are no heirs, then his estate, if it is administered.
5. To any firefighter or emergency medical services personnel withdrawing from the Fund, upon proper application, all moneys he contributed to the Fund less any investment losses, and an administrative fee of $25.