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Defined benefit <br /> <br />served for 20 years of more; <br /> <br />16 years of active service, but less than 17 years of active service, 84% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more; <br /> <br />17 years of active service, but less than 18 years of active service, 88% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more; <br /> <br />18 years of active service, but less than 19 years of active service, 92% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more; <br /> <br />Jo <br /> <br />19 years of active service, but less than 20 years of active service, 96% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more. <br /> <br />During the time that any member is on the early vested pension roll, he/she shall <br />continue to pay dues, and he/she will not be eligible to receive any of the benefits <br />provided in Article VII. Pensions payable to members on early vested pension roll shall <br />be based on the amount payable per year of service in effect at the time of such early <br />retirement. During the time that a member is on the early vested pension roll, the <br />association shall add to the amount payable to such member interest, compounded <br />annually at the rate actually earned on the assets of the Special Fund, but not to exceed <br />the rate specified by law. If a member dies while on the early vested pension roll, the <br />total sum applicable at the time of death shall be paid to his/her named beneficiary and <br />if no beneficiary has been named, then to his surviving spouse, child or children or <br />estate respectively. <br /> <br />SECTION 9. DEFERRED PENSION BENEFIT <br /> <br />If the retired or terminated member has not attained age 50 years and is otherwise <br />eligible for the pension benefit, the balance of that member's account will be credited <br />with earned interest at the rate permitted by M.S.424.A02 Subdivision 7 which provides <br />that: <br /> <br />A. Interest will be paid on the lump sum amount deferred; <br /> <br />RELIEF ASSN. BY-LAWS Page 11 <br /> <br /> <br />