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Defined conlribution <br /> <br />Do <br /> <br />The funding wilt be made after completion of the Association's fiscal year and receipt <br />by the Association of its audited financial statement for that year. The Treasurer shall <br />submit to the Board for approval the amount to be credited to each Association <br />member's account. <br /> <br />Funding Amounts <br /> <br /> 1. The total income of the Special Fund during the completed year will be <br /> divided into (a) income from sources 1 through 3 listed above in paragraph <br /> A, and (b) income from source 4 as described above in paragraph A. Those <br /> quotients expressed as percentages indicate the percent of total income <br /> from each of the two source categories. <br /> 2. The expenses of the Special Fund ior the completed year will be multiplied <br /> separately by the two percentages found in the preceding paragraph, The <br /> products reflect the proportionate amounts of net income derived from (a) 2% <br /> rebate, contributions and forfeited account income (hereafter called "net non- <br /> investment income") and (b) invested Special Fund assets (hereafter called <br /> "net investment income"). <br /> 3. The Special Fund's net investment income will be proportionately distributed <br /> to each member having an account balance. The beginning of the <br /> completed year Special Fund balance will be divided into the Special <br /> Fund's net investment income for that year. That percent will be multiplied <br /> against each individual account balance. That product represents the <br /> respective member's account increase for the completed year. <br /> 4. For the distribution of "net non-investment income", the number of "active <br /> service weeks" for each eligible individual during the completed year will be <br /> determined. An "active service week" is a calendar week during which the <br /> member was deemed by the Fire Department to be in active service, i.e. not <br /> on leave of absence, suspended or terminated. The combined total of all <br /> members' active service weeks during the completed year shall be divided <br /> into the net non-investment income. For each member, that quotient shall be <br /> multiplied by the number of active service weeks for the member and the <br /> product amount credited to that member's individual account. <br /> <br />Forfeited Individual Account <br /> <br />If a member terminates active service with the Department prior to meeting the <br />minimum service requirement for receipt of a pension benefit, as described in the <br /> <br />RELIEF ASSN. BY-LAWS Page 10 <br /> <br /> <br />