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

Home

1. Payment of member's service pension benefits in accordance with these bylaws. 2. Payment of ancillary benefits in accordance with these bylaws. 3. Administrative expenses as limited by Minnesota Statute § 69.80. All other expenses shall be paid out of the General Fund. e. Each member account balance must be credited with net investment gains and losses at the rate actually earned by the Association on the investment of Special Fund assets. The service pension benefit is governed by state and federal law, the articles of incorporation, and the bylaws applicable on the date on which the member separated from active service with the fire department and active membership in the association. All members bear the full investment risk. Section 4. Disbursements. No disbursements shall be made from the Special Fund except as authorized by Minn. Stat. §§ 69.80 and 424A.05, subd. 3. No disbursement of funds of this Association shall be made except with checks or electronic fund transfers drawn by the Treasurer and countersigned by the President or Secretary. Disbursements from the General Fund may be made for items approved by the Board of Trustees annually as represented in the General Fund Budget. Disbursements from the General Fund primary checking account or the Payroll Account shall be made drawn by the Treasurer and countersigned by the President or Secretary. Section 5. Deposits and Investments. All money belonging to this Association shall be deposited to the credit of this Association in such banks, trust companies, savings and loan associations, or other depositories as the Board of Trustees shall designate. Deposits shall be initiated by the Treasurer and countersigned by the President or Secretary. In the event the Treasurer is unavailable to perform his or her duties, another member of the Board may act in their stead. The Board of Trustees shall make deposits in conformance with State Statutes, the bylaws and the IPS. ARTICLE IX Defined Contribution Accounts Section 1.Type of Benefit. The exclusive pension provided by the Association for persons who became Active Service Members of the Ramsey Fire Department for the first time after July 1, 1989, is a defined contribution lump sum service pension governed under these bylaws and Minnesota Statutes §§ 24A.015, 424A.016, and 424A.092. Section 2. Service Credit. Minnesota Law requires the fire chief to annually certify credit of each volunteer firefighter rendering active service with the fire department (per MN Stat. 424a.003). The amount of service credit certified by the fire chief must be the number of completed quarters of the previous year during which an active volunteer fire fighter rendered at least the minimum level of duties as specified and required by the fire department's rules, regulations and policies. The fire chief must also notify each firefighter, who had active service during the previous calendar year, of the amount of service credited to the firefighter. The notification provided by the fire chief to each firefighter must include a description of the process and deadlines, for if the firefighter wants to challenge the fire chief's determination of service credit. The notification must be provided to each firefighter 60 days before the fire chief certifies the service credit amounts to the relief association and 11 Effective Date:{DATE}