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Defined contribution <br /> <br />Bo <br /> <br />Forfeited account balances pursuant to M.S.424A.02 Subdivision 4, and <br />Interest income on Special Fund assets. <br /> <br />Eligibility for Individual Account Funding <br /> <br />Each paid firefighter for the city who is an Association member as of the end of the <br />Association's last completed fiscal (calendar) year will be eligible for individual <br />account funding. <br /> <br />C. When Funding Occurs <br /> <br />The funding will be made after completion of the Association's fiscal year and <br />receipt by the Association of its audited financial statement for that year. The <br />Treasurer shall submit to the Board for approval the amount to be credited to each <br />Association member's account. <br /> <br />D. Funding <br /> <br /> Amounts <br />1. The total income of the Special Fund during the completed year will be <br /> divided into (a) income from sources 1 through 3 listed above in <br /> paragraph A, and (b) income from source 4 as described above in <br /> paragraph A. Those quotients expressed as percentages indicate the <br /> percent of total income from each of the two source categories. <br /> <br />2. The expenses of the Special Fund for the completed year will be <br /> multiplied separately by the two percentages found in the preceding <br /> paragraph. The products reflect the proportionate amounts of net income <br /> derived from (a) 2% rebate, contributions and forfeited account income <br /> (hereafter called "net non-investment income") and (b) invested Special <br /> Fund assets (hereafter called "net investment income"). <br />3. The Special Fund's net investment income will be proportionately <br /> distributed to each member having an account balance. The beginning of <br /> the completed year Special Fund balance will be divided into the Special <br /> Fund's net investment income for that year. That percent will be multiplied <br /> against each individual account balance. That product represents the <br /> respective member's account increase for the completed year. <br /> For the distribution of "net non-investment income", the number of "active <br /> service weeks" for each eligible individual during the completed year will <br /> be determined. An "active service week" is a calendar week during which <br /> <br />RELIEF ASSN. BY-LAWS Page 9 <br /> <br /> <br />