Laserfiche WebLink
• 4. To the estate, as a funeral benefit. <br />Section 2.3. Board of Trustees. The Board of Trustees of the Association as specified <br />under Minn. Stat. §424A.04. There shall be three ex-officio members. The three ex <br />officio trustees shall be the mayor, the city finance director, and the chief of the <br />municipal fire department. <br />Section 2.4. Break in Service. Breaks in Service. A minimum period of three <br />consecutive months in which a member does not meet the minimum service requirements <br />as stated in the Fire Department rules and regulations. A member shall not receive a <br />contribution to his or her account for any year in which a break in service occurs. <br />Section 2.5. Forfeiture. Forfeiture shall be defined as follows: <br />1. A member who resigns or retires from the Fire Department and has a <br />vested service pension shall forfeit his or her right any forfeitable, non <br />vested share of the pension. On January 1 of the year after the member <br />has retired, the member's forfeited share shall be distributed among the <br />active members pursuant to Minn. Stat. §424A.02, Subd.4. If such <br />member should rejoin the fire department, the member shall not have a <br />• right to the forfeited portion. <br />2. An active member who retires from the Fire Department, who has not <br />met the minimum active service requirements to receive a defined <br />contribution lump sum service pension, shall forfeit his or her account <br />balance, as long as the member does not rejoin the fire department <br />within five years of the date on which the member retired. If the <br />member rejoins within the above-mentioned period, the member's <br />account shall be reinstated. If the member does not rejoin within the <br />above-mentioned period, the member's forfeited share shall be <br />distributed among the active members pursuant to Minn. Stat. <br />§424A.04. <br />Section 2.6. Fiduciary Responsibility. In the discharge of their respective duties, the <br />officers and trustees shall be held to the standard of care and all other statutory <br />requirements enumerated in Minn. Stat. §356A et. seq. No trustee of the Association <br />shall cause the relief association to engage in a transaction, if the fiduciary knows or <br />should know that a transaction constitutes one of the following direct or indirect <br />transactions. <br />1. sale or exchange or leasing of any real property between the relief <br />association and a board member; <br />• <br />3'~ <br />