I called and inquired about it a few weeks back. I had a couple of questions and everything needed a supervisor to answer. (It really didn't, so it makes me wonder if the CSR'S are receiving a lot of angry calls? I wasn't in any way rude or angry, just asking questions.)
The refund is only for the number of days the parks are closed, not for the remaining time on the pass. Also, I was told since I paid with a gc I would receive a check in the mail for the refund, not put back on a gift card.
As I recall it was probably a 15 minute wait initially for someone to answer and then being transferred to a supervisor took another 10 minutes. I am pretty sure it was close to 30 minutes of my time.