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Defined contribution <br /> <br />SECTION 1. BENEFIT CLAIM PROCEDURE <br /> <br />The Board of Trustees shall act upon all applications for benefits provided for in these <br />By-Laws. Benefit applications shall be in writing and submitted to the Secretary in a <br />form satisfactory to the Board. <br /> <br />SECTION 2. TYPE OF PENSION BENEFIT <br /> <br />The exclusive pension provided by the Association is a "Defined Contribution Lump <br />Sum Service Pension" as defined in Minnesota Statutes 424A,02 Subdivision 4, <br /> <br />SECTION 3. ESTABLISHING THE INDIVIDUAL MEMBER'S ACCOUNT <br /> <br />When an application for Association membership is accepted in accordance with Article <br />Ill, Section 1, the Association Treasurer will create on the Association's records an <br />individual account for that accepted member. The member shall be entitled to inspect <br />his/her account balance and transactions in his/her account, by giving reasonable <br />notice to the Association Treasurer of the request. At least annually, the Treasurer will <br />provide each member with a written report of the member's account status and <br />transactions. Because of the non-profit governmental status of the Association, all of its <br />books and records are subject to public inspection. The individual accounts should not <br />be considered confidential. <br /> <br />SECTION 4. FUNDING THE INDIVIDUAL ACCOUNTS <br /> <br />A. Source of Funds <br /> <br />The gross receipts of the Special Fund consist of: <br /> <br /> 1. The 2% apportionment of fire, lightning, sprinkler leakage and extended <br /> coverage premiums provided pursuant to M.S.69.011 et seq., <br /> 2. Contributions received from the City of Ramsey pursuant to M.S.69.771 <br /> and 69.772, <br /> <br />RELIEF ASSN. BY-LAWS <br /> <br />Page <br /> <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I' <br /> <br />i <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />! <br />I <br />I <br /> <br /> <br />