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municipality. If a firefighter challenges the service credit amount determined by the fire chief, the fire <br /> chief must accept and consider any additional and pertinent information and make a final <br /> determination of the service credit amount. <br /> No more than one year of service credit may be certified for a calendar year. In addition, a firefighter <br /> cannot receive service credit in a relief association and in a fund operated by the Public Employees <br /> Retirement Association for the same hours of service (per MN Stat. 424a.01). <br /> Section 3. Member Account Valuation <br /> a. Contributions. An equal share of any amounts of state fire aid received by the Association, <br /> any amounts of municipal contributions received by the Association, and any amounts <br /> forfeited from member accounts as provided in this Article will credit to each active <br /> member account. Only Active Service member accounts will be credited with contributions. <br /> b. Allocation rule. Each individual who was an eligible Active Service Member at any time <br /> during the fiscal year is eligible to share in the allocation of contributions for such fiscal <br /> year, based on the number of full quarters the individual is credited with service as a <br /> firefighter in the Fire Department during the fiscal year as compared to the total number of <br /> full quarters of credited service of all members as certified to the Association by the Fire <br /> Chief. <br /> c. Allocation Rule LOA Exception: Leave of Absence (LOA) members are ineligible to receive <br /> City and State pension benefits during the LOA unless the LOA is a result of active duty with <br /> the Ramsey Fire Department, or until such time as they return to active duty as determined <br /> by the Fire Chief. <br /> d. Annual Municipal Contribution. Contributions which may be received from the City of <br /> Ramsey pursuant to Minnesota Statute § 69.771 and 69.772, annually to the Special Fund <br /> based on the number of eligible firefighters in the Special Fund. Such payment will be made <br /> annually and will be calculated on the completed number of full quarters of active service <br /> for all eligible firefighters in the Special Fund for the year ending December 31. <br /> e. Payment of State Aid. The City of Ramsey will make payment to the Special Fund of any fire <br /> state aid received as a result of Minnesota Statute § 69.011. Such payment will be made <br /> within thirty (30) days after receipt by the City. <br /> f. Market Returns or Losses. All members of the Association share equally in the annual <br /> market returns or losses. <br /> g. Annual Reports. A member shall be entitled to inspect their member account balance and <br /> transactions in the Fund as of the most recent accounting date by giving reasonable notice <br /> to the Secretary of the request. Annually at a general membership meeting the written <br /> report showing the most recent accounting date and account transactions from the Fund <br /> shall be made available to members for their review. <br /> Section 4. Periodic Adjustment of Accounts. <br /> a. Accounting Date Adjustments. As of the Accounting Date, the account valuation of each <br /> Active, Deferred, Disabled, Retired, or Military Leave Member or Beneficiary shall be <br /> revalued. As of the Accounting Date, the Trustees or their designee, shall value the assets of <br /> 12 <br /> Effective Date:{DATE} <br />