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

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b. A direct transfer (aka direct rollover) on an institution-by-institution basis of the retiring member's lump-sum payment to the member's individual retirement account (IRA). Section 2. Lump-sum force pay out. When a vested member retires, or is terminated, and has attained the age of 50 and after the 5-year waiting period (if required), takes no action or election as to payout form, a single check payment shall be made to the eligible retire or designated financial organization. Reasonable efforts shall be made to inform the member of their options as to disbursement of their account. Section 3. Method of Disbursement of Account. All benefits payable as a result of attaining age 50 and retiring, or as a result of death or disability shall be distributed pursuant to the method chosen from the optional payment methods listed in this Article. The member"s account shall be eligible to share in the allocation date for the year in which the member retires, becomes disabled or deceased. The first payment shall be payable within sixty (60) days of approval of application for benefits by the board. The disbursement shall be based on the member's vested account balance as of most recent prior Accounting Date. The member or beneficiary shall receive a second disbursement check that includes the balance of the member's account, within sixty (60) days of the final Audit Date for the year in which the member retired, became disabled or died. ARTICLE XIV Partial Vesting Provision Section 1. Partial Vesting Schedule. If an individual's membership with the Association and the Fire Department is terminated prior to attaining a length of Service of 20 years or more for any reason other than death or a fire-related disability, the association will pay a percentage of the member account balance to the retiring member. The reduced service pension may be paid when the retiring member meets the minimum age and service requirements of Article XI, section 2. The non-forfeitable percentage of pension amounts are increased upon a member achieving each full year of service as follows: Length of Service Vested Percentage Less than 10 0% 10 60 11 64% 12 68% 13 72% 14 76% 15 80 16 84% 17 88% 18 92% 19 96% 20 or more 100% 18 Effective Date:{DATE}