Laserfiche WebLink
Defined contribution <br /> <br />"Pension Benefit Entitlement" section of these by-laws, and has not returned to active <br />service with the Department ior a period no shorter than 5 years, then that member <br />ceases to be eligible for any pension benefit and the account balance is treated as a <br />Special Fund receipt at the expiration date of the 5 year waiting period. <br /> <br />SECTION 5. PENSION BENEFIT ENTITLEMENT <br /> <br />In order to be entitled to the member's individual account balance, the member must: <br /> <br />A. Have completed a minimum of 10 years service with the Department and 10 years <br /> membership in the Association, <br /> <br />B. Attain the age of 50 years, <br /> <br />C. Terminate membership from the Ramsey Fire Department, and <br /> <br />D. Make written application to the Board for payment of the benefit. <br /> <br />Payment will be made no later than 90 days following date of application. <br /> <br />SECTION 6. DEFERRED PENSION BENEFIT <br /> <br />If the retired or terminated member has not attained age 50 years and is otherwise eligible <br />for the pension benefit, the balance of that member's account will be credited with earned <br />interest at the rate permitted by M.S.424.A02 Subdivision 7 which provides that: <br /> <br />A. Interest will be paid on the lump sum amount deferred; <br /> <br />B. During the period of the deferral; <br /> <br />Co <br /> <br />At the rate actually earned by the Association on Special Fund asset investments, but <br />not to exceed 5% per M.S.356.215 Subdivision 4d., and <br /> <br />D. Shall be compounded annually based on calendar year balances. <br /> <br />RELIEF ASSN. BY-LAWS Page 11 <br /> <br /> <br />