CCAgenda_04May19 - Laserfiche WebLink

Home Browse Search

Upon receipt of a notice, the Secretary shall provide any notices as required by state or federal law and the application forms for service pension payments. Article X -Timing and Modes of Distribution Section 10.1. Expertise Should Be Sought. Because of the varying circumstances in each member's retirement planning, optional benefit payment methods are offered. Selection should occur after consultation with a tax consultant, insurance and/or estate planner, or an attorney. Alternate payment methods on the Application Form shall include. 1. Check. A single Lump sum check payment payable to the eligible retiree; or 2. Annuity. 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. 3. Rollover to IRA. Rollover to an IRA account pursuant to Section 10.2. • Section 10.2. Rollover Procedure. Upon written request from the retiring member who has given proper notice of retirement, the Secretary or Treasurer shall directly transfer the service pension amount into an Individual Retirement Account under Section 408(a) of the Internal Revenue Code, as amended. Article XI -Ancillary Benefits Section 11.1. Survivor Benefits. A member's Beneficiary shall be eligible to receive a benefit upon the death of a deferred, disabled, active, or retired Member who has not yet received his or her full retirement benefit. 1. Upon the death of an active member or disabled member who has not yet received his or her disability benefits, who is in good standing, the association shall pay to the member's benefit, the remaining full account balance as of the end of the year in which the member's death occurred. 2. In the event that the death occurs after the member has terminated or retired from the Fire Department, only the vested portion of the pension, as determined under Article XII -Early • Vesting shall be distributed. " 49