Laserfiche WebLink
Defined contrib'Jtion <br /> <br />Installment payments. This is an irrevocable election which must be in writing, filed <br />with the Association Secretary, and subject to actuarial calculation of the <br />installment amounts in accordance with MS.424A.02 Subdivision 8. <br /> <br />Lump sum payment by the Association to a recognized financial investment <br />organization for the purchase of an annuity contract designed by the retiree. <br /> <br />SECTION 9. SUPPLEMENTAL PENSION BENEFIT <br /> <br />A vested member who terminates membership in the Department in good standing shall <br />be entitled to a supplemental benefit payable from the General Fund. The benefit <br />amount at ten years completed service will be one percent of the General Fund value as <br />of January i of the year in which the member terminates. The benefit amount shall be <br />increased one-tenth of one percent for each completed year of service over ten years. <br />The benefit is payable upon the member's termination. <br /> <br />SECTION 10. NON-ASSIGNMENT AND NON-ATTACHMENT OF SPECIAL <br />FUND BENEFITS PURSUANT TO MS §69.51 <br /> <br />No benefit paid from the Special Fund is subject to judgment, garnishment, execution or <br />other legal process except as provided in M.S. §518.58, §51 8.581 or §51 8.611 (court <br />ordered withholding from income for support of.a dependent child or spouse). Such <br />payments are not assignable, and the Association shall not recognize any assignment <br />or pay over any money so assigned. <br /> <br />The Association shall elect one or more delegates to the State Fire Department and <br />Benefit Association Convention and reimburse him/her for actual necessary expenses. <br />Expenses for Association Officers and Trustees shall be paid from the Special Fund. <br />Expenses incurred by other delegates shall be paid from the General Fund. <br /> <br />RELIEF ASSN. BY-LAWS Page 12 <br /> <br /> <br />