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

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(f) 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 served for 20 years of more; (g) 16 years of active service, but less than 17 years of active service, 84% of the amount per year of service which would have been earned, had the member served for 20 years or more; (h) 17 years of active service, but less than 18 years of active service, 88% of the amount per year of service which would have been earned, had the member served for 20 years or more; (i) 18 years of active service, but less than 19 years of active service, 92% of the amount per year of service which would have been earned, had the member served for 20 years or more; 19 years of active service, but less than 20 years of active service, 96% of the amount per year of service which would have been eamed, had the member served for 20 years or more. During the time that any member is on the early vested pension roll, he/she shall continue to pay dues, and he/she will not be eligible to receive any of the benefits provided in Article VII. Pensions payable to members on early vested pension roll shall be based on the amount payable per year of service in effect at the time of such early retirement. During the time that a member is on the early vested 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 early vested 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 5, AMENDMENTS. The By-laws of this association may be amended at any regular or special meeting of the association by a favorable vote of two-thirds of the members present and voting, provided that a quorum is present; and provided further that written notice of any proposed amendment, and of the meeting thereon, shall have been mailed to each member in good standing of the association at least 10 days prior to the date of such meeting; and provided further that if such amendment or amendments shall change the amount of benefits or pensions, approval of the City Council of Ramsey must be obtained before such change may take effect. There shall be two readings of any proposed amendment to the By-laws. The second reading shall be a minimum of two weeks after the first reading. Should amendment pass, (and upon approval of the City Council where applicable) it shall take affect immediately after the second reading. RAMSEY FIRE DEPARTMENT RELIEF ASSOCIATION BY-LAWS Page 8 of 8 11-13-90 //7