Laserfiche WebLink
(1.) Check. A single Lump sum check payment payable to the eligible retiree. <br />(2) Annuity. Lump Sum payment by the Association to a recognized insurance carrier <br />licensed to do business in this state and approved for this product by the Commerce <br />Commissioner under Minn. Stat. § 60A.40. <br />(3) Rollover. Rollover to an IRA account pursuant to Article XIV, Section 14.2 of these <br />Bylaws. <br />Section 14-.2. Rollw,er to IRA. Upon written request from the retiring member who has <br />given proper notice of retirement, the Secretary or Treasurer shall directly transfer the <br />service pension amount into an Individual Retirement Account under Section 408(a) of <br />the Internal Revenue Code, as amended. <br />AIELMICzE XV <br />EARLY 4TPSTT�1G PR®NTISI®N <br />Section 15.1. Vesting Schedule: In the event a member with ten (10) years or more but <br />less than twenty (20) years of active service on the Fire Department resigns or otherwise <br />becomes a nonmember, that person shall be entitled to the following benefit that <br />represents the nonforfeitable portion of <br />Completed Years of Active Service Non -forfeitable Percentage of Pension Amount <br />10 60 percent <br />11 64 percent <br />12 68 percent <br />13 72 percent <br />14 76 percent <br />15 80 percent <br />16 84 percent <br />17 88 percent <br />18 92 percent <br />19 96 percent <br />