Agenda - Council - 05/24/2022 - Laserfiche WebLink

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BYLAWS OF THE CITY OF RAMSEY VOLUNTEER FIREFIGHTERS RELIEF ASSOCIATION ARTICLE I Name The name of this association shall be the City of Ramsey Volunteer Firefighters Relief Association, a 501(c)4 nonprofit organization incorporated under the laws of the State of Minnesota. ARTICLE II Purpose Section 1.This instrument constitutes the Bylaws of the City of Ramsey Volunteer Firefighters Relief Association, hereinafter referred to as "Association", adopted for the purpose of regulating and managing the internal affairs of the corporation and shall serve as the written pension plan for the Association. The Association is a governmental entity that receives and manages public money to provide retirement benefits for individuals providing the governmental services of firefighting. The Association is a defined contribution relief association subject to Minn. Stat. §§ 424A.015 and 424A.016. The objectives of the plan shall be to provide service pensions and ancillary benefits to members and beneficiaries of the City of Ramsey Fire Department, hereinafter referred to as "Fire Department." All benefits issued by this association shall be governed by these bylaws and Federal and State laws. The bylaws are hereby amended and restated generally effective January 1, 2022 Section 2. If the State of Minnesota or a court of competent jurisdiction determines that these amendments do not qualify for State Aid, a service pension shall be provided to members under the terms of the bylaws as they existed immediately prior to this amendment and restatement. ARTICLE III General Definitions Section 1. Definitions. Whenever used in these bylaws, the following terms shall have the respective meanings set forth below, unless the context clearly requires otherwise. Section 2. "Defined Contribution Relief Association." Volunteer firefighters' relief association that provides a service pension based solely on the member's vested portion of the Special Fund account rather than a specified annual lump sum or monthly benefit service pension amount. Section 3. "Member Account" means the record of the amounts in the Special Fund credited to an individual under these bylaws pursuant to Article IX, plus contributions, forfeitures and investment earnings allocated under Article IX. Section 4. "Allocation Date". The dates on which member's accounts are revalued, or on which contributions are made to the accounts. 1 Effective Date:{DATE}