Agenda - Council - 11/27/1990 - Laserfiche WebLink

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I I I I I I I I I I I i I I I ! I i SECTION 2, SERVICE PENSIONS. The association shall pay to each member, who shall have served as an active fire fighter in the Ramsey Volunteer Fire Department for a period of not less than 10 years or more prior to his/her resignation from said department, who has reached the age of 50 years or more, and who has also been a member of the association for a period of not less than 10 years the amount of $1,100.00 per year of service (Article VII, Section 3). SECTION 3, DEFERRED SERVICE PENSIONS. A member of the association who shall have served in the Ramsey Volunteer Fire Department for at least 10 years, but has not reached the age of 50 years, may retire from said fire department and be placed on the deferred pension roll. When he/she reaches the age of 50 years, and provided that at the time he/she has been a member of the association for at least 10 years, upon application therefore he/she shall be paid a sum of $1,100.00 per year of service. During the time that a member is on the deferred pension roll, he/she shall continue to pay dues, and he/she will not be eligible to receive any of the benefits provided for in Article VII. During the time that a member is on the deferred pension roll, the association shall add to the amount payable to such 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 4, 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: (a) 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; (b) 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; (c) 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; (d) 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; (e) 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; RAMSEY FIRE DEPARTMENT RELIEF ASSOCIATION BY-LAWS Page 7 of 8 11-13-90