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Defined beneht <br /> <br />member interest, compounded annually, at the rate actually earned on the assets of the <br />Special Fund, but not to exceed the rate specified by law. If a member dies while on the <br />deferred pension roll, the total sum applicable at the time of death shall be paid to <br />his/her named beneficiary and if no beneficiary has been named, then to his surviving <br />spouse, child or children or estate respectively. <br /> <br />SECTION 8. EARLY VESTED PENSION. <br /> <br />If a member shall have served for more than 10 years, but less than 20 years, as an <br />active fire fighter in the Ramsey Volunteer Fire Department, he/she may retire from said <br />department and be placed on the early vested pension roll. When he/she reaches the <br />age of 50 years, and provided at the time he/she has been a member of the association <br />for at least 10 years, he/she shall upon application therefore, be paid in the following <br />manner: <br /> <br />10 years of active service, but less than 11 years of active service, 60% of the <br />amount per year of semce which would have been earned, had the member <br />served for 20 years or more; <br /> <br />I <br />I <br />I' <br /> <br />I <br />I <br />I <br />I <br /> <br />11 years of active service, but less than 12 years of active service, 64% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more; <br /> <br />12 years of active service, but less than 13 years of active service, 68% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more; <br /> <br />13 years of active service but less than 14 years of active service, 72% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more; <br /> <br />I <br />I <br /> <br />I <br />I <br /> <br />14 years of active serwce, but less than 15 years of active service, 76% of the <br />amount per year of service which would have been earned, had the member <br />served for 20 years or more; <br /> <br />F 1 5 vears o; '-'"'*;"~ <br /> · . , ~,,,,~ se~,~.~, but less than 16 years of active service, 805; of the <br /> amount per year of ~,-,,v,,-.¢ wn,~,n have been ........., <br /> <br />RELIEF ASSN. BY-LAWS Page 10 <br /> <br /> <br />