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

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Defined con~ribudon Bo Benefit Payments Per M.S.424A.05 1. Payment of members' service pension benefits in accordance with these by- laws. 2. Payment of an amount not to exceed $1,000.00 as a funeral benefit to the surviving spouse, or if no surviving spouse, the estate of the deceased Association member. Administrative Expenses Per M.S.69.80 1. Office expenses. 2. Salaries and itemized expenses of the President, Secretary and Treasurer of the Association, or their designees, incurred as a result of fulfilling their responsibilities as administrators of the Special Fund. 3. Tuition, registration fees, organizational dues and other authorized expenses of the officers or members of the Board of Trustees incurred in attending educational conference, seminars or classes relating to the administration of the Association. 4. Audit, actuarial, medical, legal and investment expenses. 5. Reimbursement to the officers and members of the Board of Trustees, or their designees, for reasonable and necessary expenses actually paid and incurred in the performance of their duties as officers or members of the Board. 6. Premiums on fiduciary liability insurance and official bonds for the Officers, members of the Board of Trustees and employees of the Association. Any other expenses of the Association shall be paid from the General Fund. SECTION 4. INVESTMENT OF FUNDS. The Association may invest its funds in income paying properties and securities in accordance with M.S.69.775. All forms and types of loans or investments from the General and Special Funds shall be approved by the Board of Trustees. SECTION 5. CUSTODY OF FUNDS ON DISSOLUTION. In the event this Relief Association is discontinued, or the Treasurer resigns or is removed from office and for any reason the members should fail to elect a new Treasurer, the Anoka County District Court may appoint a trustee(s) of said funds or may direct that the RELIEF ASSN, BY-LAWS Page 5