Resolution - #91-01-018 - 01/22/1991

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Defined contribution be selected by designating the payment method on the benefit application form: A. Lump sum. A single check payment payable to the eligible retiree. 13. Installment payments. This is an irrevocable election which must be in writing, filed with the Association Secretary, and subject to actuarial calculation of the installment amounts in accordance with M.S.424A.02 Subdivision 8. C. Lump sum payment by the Association to a recognized financial investment organization for the purchase of an annuity contract designed by the retiree. SECTION 10. SUPPLEMENTAL PENSION BENEFIT A vested member who terminates membership in the Department in good standing shall be entitled to a supplemental benefit payable from the General Fund. The benefit amount at ten years completed service will be one percent of the General Fund value as of January 1 of the year in which the member terminates. The benefit amount shall be increased one-tenth of one percent for each completed year of service over ten years. The benefit is payable upon the member's termination. SECTION 11. NON-ASSIGNMENT AND NON-ATTACHMENT OF SPECIAL FUND BENEFITS PURSUANT TO MS §69.51 No benefit paid from the Special Fund is subject to judgment, garnishment, execution or other legal process except as provided in M.S. §518.58, §518.581 or §518.611 (court ordered withholding from income for support of.a dependent child or spouse). Such payments are not assignable, and the Association shall not recognize any assignment or pay over any money so assigned. The Association shall elect one or more delegates to the State Fire Department and Benefit Association Convention and reimburse him/her for actual necessary expenses. Expenses for Association Officers and Trustees shall be paid from the Special Fund. Expenses incurred by other delegates shall be paid from the General Fund. RELIEF ASSN. BY-LAWS Page 13