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Defined contribution <br /> <br />SECTION 2. TYPE OF PENSION BENEFIT <br /> <br />The exclusive pension provided by the Association is a "Defined Contribution Lump Sum <br />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 />II1, 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 notice <br />to the Association Treasurer of the request. At Least annually, the Treasurer will provide <br />each member with a written report of the member's account status and transactions. <br />Because of the non-profit governmental status of the Association, all of its books and <br />records are subject to public inspection. The individual accounts should not be <br />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: 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 and <br /> 69.772, <br /> 3. Forfeited account balances pursuant to M.S.424A.02 Subdivision 4, and <br /> 4. Interest income on Special Fund assets. <br /> <br />B. Eligibility for Individual Account Funding <br /> <br />Each paid fire fighter for the city who is an Association member as of the end of the <br />Association's last completed fiscal (calendar) year will be eligible for individual <br />account funding. <br /> <br />C. When Funding Occurs <br /> <br />RELIEF ASSN. BY-LAWS Page 9 <br /> <br /> <br />