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Defined contribution <br /> <br />SECTION 7. PAYMENT UPON DEATH OF ACTIVE MEMBER OR DEFERRED <br />PENSIONER <br /> <br />In the event of death of an active member or deferred pensioner who has not attained age <br />50 but is otherwise eligible for the pension benefit, the member's individual account <br />balance will be paid to the named beneficiary as identified in the member's Beneficiary <br />Designation Form. Payment will be made within 30 days after approval by the Board of <br />the benefit application. The Board shall have the right and authority to obtain a certified <br />copy of the Death Certificate prior to approving the application. <br /> <br />The Association is not obliged to pay interest on the deceased member's account balance <br />if payment is delayed due to the incapacity, uncooperativeness or unavailability of the <br />named beneficiary. If legal expenses must be incurred by the Association in connection <br />with its final disposition of the account balance, such as a lawsuit by an unnamed <br />beneficiary claiming rights to or interest in the benefit, then those costs may be deducted <br />from the account balance payable. <br /> <br />SECTION 8. PAYMENT OF PERMANENT DISABILITY BENEFITS, <br /> <br />If a member of the Association shall become totally and permanently disabled due to <br />injury, disability, sickness, or dismemberment as a result of performance of duty as <br />defined in this Section, they shall receive payment which is equal to 50% of their share of <br />special fund. <br /> <br />Covered duty shall mean going to, serving at, and returning via direct route from fire calls, <br />regular ordered drills, training sessions, emergencies such as floods, storms, riots, <br />ambulance or rescue service, etc; under the order of a fire department officer or acting <br />officer; regional or state fire schools, conferences, or conventions within the state of <br />Minnesota or in a bordering state or province. Covered duty shall also mean participating <br />in fire suppression activities wherever they may occur. <br /> <br />SECTION 9. OPTIONAL PAYMENT FORMS OF THE RETIREMENT BENEFIT <br /> <br />Because of the varying circumstances in each member's retirement planning, optional <br />benefit payment methods are offered. Selestion should be done after consultation with a <br />tax consultant, insurance and/or estate planner, or an attorney. Any of the following may <br /> <br />RELIEF ASSN. BY-LAWS Page 12 <br /> <br /> <br />