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

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the Special Fund at their fair market value and determine the net investment gain or loss of such assets since the preceding Accounting Date. In determining the net investment gain or loss (i) the accrual basis of accounting shall be used (unrealized appreciation or depreciation shall be taken into account), and (ii) contributions and other non-investment income received by the special fund and payments or distributions from the special fund to pay expenses or provide benefits for members and beneficiaries shall not be considered as investment gains or losses of the special fund. Any investment return on the assets of the Special Fund will be credited in proportion to the share of the assets of the Special Fund to the credit of each member account. 1. After the close of the annual accounting date,the net investment gain or loss for said calendar year shall be credited or debited to the respective member accounts containing such assets and which are existing on said Accounting Date in proportion to the value of each such account on the preceding Accounting Date, but reduced by forfeitures or distributions from said account made during the year. 2. The value of each member account, as adjusted by the preceding provisions of this Clause (a), increased by contributions and forfeitures allocated to such account and reduced by distributions or forfeitures from such account for the year, shall be the value of said account on the Accounting Date for that calendar year. b. Adjustment on Direction. A valuation of the Special Fund shall be made annually for the purposes of calculating a retired member pension amount. A valuation of the Special Fund shall also be made as of any other date specified by the Board of Trustees. Any valuation of the Special Fund for the purposes of calculating a retired member pension amount, other than the annual accounting, shall be at the expense of the requesting member, unless so decided by the Board of Trustees. c. Forfeitures. Any inactive Member whose Length of Service is less than ten (10) years when the member terminates from the Fire Department and does not return to service within five (5) years, shall forfeit the balance of their unvested account. Any unvested portion of a retired members account shall forfeit upon their retirement. The unvested balance will be reallocated as of December 31 in the calendar year containing the last day of service, to the accounts of members who are eligible to share in the allocation of contributions as determined on each of the four quarterly Accounting dates during the calendar year. Forfeitures are allocated in the same manner as municipal and state contributions, as per Article VIII. Section 5. Administrative Expenses. Administrative Expenses payable from the Special Fund to be deducted in equal shares from all member accounts are: (1) the Special Fund Administration Fee; and (2) Other administrative Expenses authorized by state law. 13 Effective Date:{DATE}