Agenda - Council - 12/11/1990 - Laserfiche WebLink

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Defined contribution the member was deemed by the Fire Department to be in active service, i.e. not on leave of absence, suspended or terminated. The combined tota' of alt members' active service weeks during the completed year sr~ali be divided into the net non-investment income. For each member, tha~, quotient shall be multiplied by the number of active service weeks for the member and the product amount credited to that member's individual account. Forfeited Individual Account If a member terminates active service with the Department prior to meeting the minimum service requirement for receipt of a pension benefit, as described in the "Pension Benefit Entitlement" section of these by-laws, and has not returned to active service with the Department for a period no shorter than 5 years, then that member ceases to be eligible for any pension benefit and the account balance is treated as a Special Fund receipt at the expiration date of the 5 year waiting period. SECTION 5, PENSION BENEFIT ENTITLEMENT In order to be entitled to the member's individual account balance, the member must: A. Have completed a minimum of 10 years service with the Department and 10 years membership in the Association, B. Attain the age of 50 years, C. Terminate membership from the Ramsey Fire Department, and D. Make written application to the Board for payment of the benefit. Payment will be made no later than 90 days following date of application. SECTION 6. DEFERRED PENSION BENEFIT tf the retired or terminated member has not attained age 50 years and is otherwise eligible for the pension benefit, the balance of that member's account witl be credited with earned interest at the rate permi~eC by M.S.424.A02 Subdivision 7 which proviae$ RELIEF ASSN. BY-LAWS Page '~ 0