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CCAgenda_04May19
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CCAgenda_04May19
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Section 9.1. Type of Benefit. The exclusive pension provided by the Association is a <br />"defined contribution lump sum service pension" as defined in Minnesota Statutes, <br />Section 424A.02, subdivision 4. <br />Section 9.2. Service Pensions. Any volunteer firefighter who (1) has attained the age of <br />fifty years, (2) has served ten or more years as a volunteer firefighter (3) has permanently <br />separated from active service and (4) has ten or more years in good standing as a member <br />of the association, shall be eligible to receive a lump payment of his or her account <br />balance less any administrative fees or requisite deductions, at the time of his or her <br />retirement and application for payment. The pension payment shall be paid to the <br />member pursuant to Article X -Timing and Modes of Distribution. <br />Section 9.3. Applications and purposes of pension provisions. The provisions of this <br />article apply to individuals who are members of the Association and members of the Fire <br />Department. An individual shall not be considered a member of the Association after <br />receiving a lump sum distribution of his pension benefits or ancillary benefits, from the <br />Association. <br />Section 9.4. Eligibility to share in contributions. An individual shall be eligible to share <br />in the contributions and forfeitures, if any, for the plan year only if the individual is <br />credited at least one month of active and (a) is a member of that Plan Year or (b) <br />terminated membership during the Plan Year for reasons other than death or disability. <br />Section 9.5. Allocation of Contributions. <br />1. Allocation Rule. Contributions to be made to the special fund and forfeitures, if <br />any, for a Plan Year shall be allocated among the individuals entitled to share in <br />the contributions for such Plan Year under section 4, in the ratio that the months <br />of service credited during such Plan year for each such individual bears to the <br />Months of Service credited during such Plan Year for all such individuals. <br />2. Time of Making Allocations and Time of Funding. Allocations under sub- <br />section (a) shall be made as of the accounting date, after each Account has been <br />adjusted for gains or losses. The calculation of each Member's share of the <br />Association's fiscal year and receipt by the Association of the audited financial <br />report prepared by the Secretary and the Treasurer for that year. The Treasurer <br />shall submit to the Trustees for approval that amount to be credited to each <br />member's account. <br />3. Make-up contributions for omitted members. If, after the contribution for a Plan <br />Year has been made and allocated, it should appear that, through oversight or a <br />mistake of fact of law, a Member (or individual who should have been a member) <br />who was entitled to share in such contribution received no allocation or received <br />an allocation which was less than he should have received, the Trustees may, at <br />their election, and in lieu of reallocating the prior contribution, make a special <br />make-up contribution out of unallocated earnings for the Account of such <br />member in an amount adequate to provide for him the same contribution for each <br />Month of Service as would have been allocated to his Account if such oversight <br />• or mistake had not been made. Unallocated earnings include any income of the <br />4~ <br />
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