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Dehned benefl! <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 Benefit Lump Sum <br />Service Pension". <br /> <br />SECTION 3. FUNDING <br /> <br />Source of Funds <br /> The gross receipts of the Special Fund consist of: <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 /> 3. Fodeited account balances pursuant to M.S.424A.02 Subdivision 4, and <br /> 4. Interest income on Special Fund assets. <br /> <br />Eligibility for Pension <br /> Each paid firefighter for the city who is an Association member as of the end of <br /> the Association's last completed fiscal (calendar) year will be eligible for pension <br /> benefits. <br /> <br />SECTION 4. PENSION BENEFIT ENTITLEMENT <br /> <br />In order to be entitled to the member's individual account balance, the member must: <br /> <br />..-,. Have com21eted a mm~mum o¢; r~ <br /> ,~ years se,vicew~.,~,'*~- the DeDaC, ment and ~.~n years <br /> <br />?'7 <br /> <br />RELIEF ASSN. BY-LAWS Page 8 <br /> <br />I <br />I <br />I <br />I <br />I <br />I <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 /> <br />