12/04/90 - Laserfiche WebLink

Home

Defined benefit member interest, compounded annually, at the rate actually earned on the assets of the Special Fund, but not to exceed the rate specified by law. If a member dies while on the deferred pension roll, the total sum applicable at the time of death shall be paid to his/her named beneficiary and if no beneficiary has been named, then to his surviving spouse, child or children or estate respectively. SECTION 8. EARLY VESTED PENSION. If a member shall have served for more than 10 years, but less than 20 years, as an active fire fighter in the Ramsey Volunteer Fire Department, he/she may retire from said department and be placed on the early vested pension roll. When he/she reaches the age of 50 years, and provided at the time he/she has been a member of the association for at least 10 years, he/she shall upon application therefore, be paid in the following manner: Ao 10 years of active service but less than 11 years of active service 60% of the amount per year of service which would have been earned had the member served for 20 years or more; Bo 11 years of active service but less than 12 years of active service 64% of the amount per year of service which would have been earned had the member served for 20 years or more; 12 years of active service, but less than 13 years of active service 68% of the amount per year of service which would have been earned had the member served for 20 years or more; 13 years of active service, but less than 14 years of active service 72% of the amount per year of service which would have been earned had the member served for 20 years or more; 14 years of active service but less than 15 years of active service 76% of the amount per year of service which would have been earned had the member served for 20 years or more; 15 years of active service but less than 16 years of active service 80% of the amount per year of service which would have been earned had the member RELIEF ASSN. BY-LAWS Page 10