‏07.01 - Fire Relief By-Laws - Laserfiche WebLink

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� 8 All service pension assets must be held by the Association until the retiree reaches 50 years of age. Section 4-PAYMENT OPTIONS. The manner of payment of the retirement benefits shall be specified by the retiring member. Options include but are not limited to: (a)A single lump sum check payment payable to the retiree(subject to current income tax withholding requirements). (b)Lump sum payment by the Association to a recognized insurance carrier, licensed to do business in this state and approved for this product by the Commerce Commissioner under Minn. Stat. §60A.40,to purchase an annuity contract on behalf of a retiring member. (c)Direct transfer of the member's lump sum payment to the member's individual retirement account under§408(a)of the federal Internal Revenue Code, as provided for in Minn. Stat. § 424A.02, subd. 8b. Section 5 - SUPPLEMENTAL BENEFIT. The Association must pay a supplemental benefit to individuals who receive a lump sum distribution of pension or retirement benefits for service preformed as a volunteer firefighter at the time that the lump sum benefit is paid. The supplemental benefit is calculated as ten percent of the regular lump sum distribution, but not to exceed$1,000. Upon the payment of a lump sum survivor benefit to the survivor of a deceased active or deceased deferred member, a supplemental survivor benefit will be paid to the legally married surviving spouse or, if none, to the surviving child or children. The survivor supplemental benefit is calculated as twenty percent of the survivor benefit distribution,but not to exceed $2,000. ARTICLE X-DEFERRED PENSION STATUS Section I -DEFERRED PENSION ROLL. A member of the Association who is otherwise qualified for a service pension but who has not reached the age of eligibility under Article IX, Section 2 may separate from active service with the Fire Department without forfeiting the right to such service pension. Upon the application of such member,the member shall be placed on deferred status and be entitled to receive said service pension upon reaching the age of 50 and making application for retirement. The value of the deferred pension shall be based on the pension amount per year of service in effect on the date on which the member separated from active service from the Fire Department and reduced pursuant to the partial vesting schedule as stated in Article IX, Section 3. During the time that any member is on the deferred pension roll, the member will not be eligible to receive a disability benefit. If a member dies while in deferred status,the member's deferred benefit amount will be paid to the surviving spouse, if any, and if there is no surviving spouse,to the surviving child or children, if any, and if no child or children, to the estate of such deceased member. Section 2 -DEFERRED INTEREST. Association shall not pay interest to deferred members.