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16 <br /> <br /> <br />Section 13.3. Benefit Amount: The current benefit amount per year of service is <br />$51005600. <br /> <br /> <br /> <br />ARTICLE XIV <br />tiMiNG AND MODES Of DiStRiBUtiON <br />Section 14.1. Independent Expertise Encouraged: Because of the varying <br />circumstances in each member's retirement planning, optional benefit payment methods <br />are offered. Selection should occur after consultation with a tax consultant, insurance <br />and/or estate planner, or an attorney. Alternate payment methods on the Application <br />Form shall include: <br /> <br />(1) Check. A single Lump sum check payment payable to the eligible retiree. <br /> <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 /> <br />(3) Rollover. Rollover to an IRA account pursuant to Article XIV, Section 14.2 of these <br />Bylaws. <br /> <br />Section 14.2. Rollover 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 /> <br /> <br /> <br />ARTICLE XV <br />EARLY vEStiNG PROviSiON <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 no forfeitable portion of. <br /> <br /> <br /> Completed Years of Active Service Non-forfeitable Percentage of Pension Amount <br /> <br />10 60 percent <br /> <br />11 64 percent <br /> <br />12 68 percent <br />