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

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Section 4. Governing Benefit Plan Provision. All service pensions, deferred service pensions, and ancillary benefits payable by the Association are governed by and must be calculated based on the State law, the Association bylaws provisions, and the Association articles of incorporation that are in effect on the date that the member separates from active service with the Fire Department and active membership in the Association. ARTICLE XI Distribution of Benefits Section 1. Service Pensions. Upon the member's meeting the requirements in Section 2 of this Article and following the submission and approval of an Application for Distribution, the Association will pay the member out of the Special Fund a service pension equal to the valuation of the member's vested account balance as determined on the accounting date at the end of the quarter in which the member retires. Section 2. Pension Benefit Eligibility. In order to be entitled to receive a distribution of the valuation of the member's vested account balance, the member must: 1. Terminate affiliation with the Fire Department (Separate from Active Service as defined in Minn. Stat. § 424A.001, subd. 9), and terminate membership in the Association; 2. Be at least 50 years of age; 3. Be partially vested by having completed at least ten (10) years of active service with the Fire Department, or be fully vested by having completed at least twenty (20) years of active service with the Ramsey Fire Department; 4. Have at least ten (10) years of membership in the Association; and S. Make written application to the Board of Trustee for payment of the benefit. Section 3. Pension Benefit Distribution. The benefit application will be reviewed by the Board of Trustees at the meeting following the receipt of the application following timelines prescribed in Article X, and, if approved, payment will be made within sixty (60) days. If a distribution is requested to be paid with an "as of" date other than the next annual payout, the retiring member will be responsible for any additional expenses incurred by the Association for services related to calculating the individual member account balance. Section 4. Special Circumstances. Notwithstanding the foregoing, the Account of a member whose membership with the Association and with the Fire Department terminates at any time due to a fire- related disability or death caused while performing active service as a firefighter, shall become fully vested and immediately payable upon written application of the Beneficiary or Disabled Member. The written application of a Beneficiary or Disabled member shall include a certified copy of the member's death certificate or proof of disability. 15 Effective Date:{DATE}