12/04/90 - Laserfiche WebLink

Home

Defined benefit B. During the period of the deferral; C. At the rate actually earned by the Association on Special Fund asset investments, but not to exceed 5% per M.S.356.215 Subdivision 4d., and D. Shall be compounded annually based on calendar year balances. SECTION 10. BENEFIT OPTIONAL PAYMENT FORMS OF THE RETIREMENT Because of the varying circumstances in each member's retirement planning, optional benefit payment methods are offered. Selection should be done after consultation with a tax consultant, insurance and/or estate planner, or an attorney. Any of the following may be selected by designating the payment method on the benefit application form: A. Lump sum. A single check payment payable to the eligible retiree. Installment payments. This is an irrevocable election which must be in writing, filed with the Association Secretary, and subject to actuarial calculation of the installment amounts in accordance with M.S.424A.02 Subdivision 8. Co Lump sum payment by the Association to a recognized financial investment organization for the purchase of an annuity contract designed by the retiree. SECTION 11. SUPPLEMENTAL PENSION BENEFIT A vested member who terminates membership in the Department in good standing shall be entitled to a supplemental benefit payable from the General Fund. The benefit amount at ten years completed service will be one percent of the General Fund value as of January 1 of the year in which the member terminates. The benefit amount shall be increased one-tenth of one percent for each completed year of service over ten years. The benefit is payable upon the member's termination. SECTION 12. NON-ASSIGNMENT AND NON-ATTACHMENT OF SPECIAL FUND BENEFITS PURSUANT TO MS §69.51 No benefit paid from the Special Fund is subject to judgment, garnishment, execution or RELIEF ASSN. BY-LAWS Page 12