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

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Section S. "Accounting Date". For the purposes of valuing assets to disburse funds from a member's account, the Association shall have four quarters during the fiscal year ending 3/31, 6/30, 9/30, and 12/31. The accounting date shall occur once annually as specified herein. Section 6. "Beneficiary" means such person or persons who at any particular time shall be entitled to receive a survivor benefit from the Association in the event of the death of an Active, Deferred, Disabled, or Retired Member. For purposes of a survivor's benefit, the benefit will be paid in accordance with Minn. Stat. § 424A.016, subd. 7(d). A member shall be allowed to designate a beneficiary if there is no surviving spouse, child, or children. A trust created under chapter 501B may be a designated beneficiary. If no beneficiary is designated, survivor benefits shall be paid to the estate of the deceased member. Section 7. "Surviving spouse" means any person who was the legally married dependent spouse of a deceased active member or retired former member living with the member at the time of the death of the active member or retired former member for at least one year prior to the date on which the member terminated active service and membership. Minnesota Statute 424A.001, Subdivision 6. Section 8. "Trustees" are the individuals designated as such by Minnesota Statute 424A.04 and by virtue of elected office. Section 9. "Qualified Domestic Relations Order" (QDRO). Any judgment, decree, or order (including approval of a property settlement agreement) that complies with the provisions of Minnesota Statute 518.581 518.581. Section 10. "Fiscal Year" means the twelve (12) month period which begins on Jan. 1 and ends on Dec. 31. Section 11. "Account Valuation or value" A determination made by an investment manager, CPA, actuary or other professional as designated by the Board. A valuation shall include a calculation that determines the fair market value of the total assets. The fair market value shall be determined based on the value at which the investments could be sold on an open market. Valuation shall be made at least once annually. The Board shall have the discretion to value the assets or to conduct a valuation at any time during the year. ARTICLE IV Membership Section 1. Membership Generally. All volunteer paid on-call members of the Fire Department are eligible for membership in the Association. Full-time Fire-Department members participating in the "Public Employees Retirement Association (PERA)II are not eligible to be members in the Relief Association. In order to be entitled to any service pension or ancillary benefits from the Relief Association, the volunteer paid on-call firefighter must be a member of the Relief Association. 2 Effective Date:{DATE}