9.1. SR 11-16-2015 - Laserfiche WebLink

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ARTICLE VI APPLICATION FOR BENEFITS SECTION 1.All applications for relief or pension benefits shall be made in writing on forms furnished by the secretary. SECTION 2. All applications for pension shall be submitted to the board of trustees at a regular or special meeting of the board. Application shall state the age of the applicant, period, or periods of service in, and the date of retirement from active duty in the Elk River Fire Department, the length of time he/she has been a member of the association, and such other information as the board of trustees may require. The board reserves the right to take up to 90 days to make the pension payout. SECTION 3. No benefits or pensions shall be paid until the application therefore has been approved by a majority vote of the board of trustees. Decisions of the board shall be final as to the payment of such benefits or pensions. No other benefits shall be paid to or on behalf of any member who has received a service pension. SECTION 4. For purposes of computing benefits or pensions payable under ARTICLE VII and VIII, the length of service shall be calculated in full years and fractions of a year, measured from the date when a member became an active firefighter to the last month of service. If a member's service has not been continuous, the period of inactivity shall be subtracted from the time of service before the actual number of years and months are calculated. SECTION 5. Lump sum service pensions may be paid in two (2)installments at the option of the retiring member, A written application requesting payment of benefits in two (2)installments shall be submitted to the board of trustees at least thirty (30) days before the members retirement date. The member shall designate the date of the initial and final payments. The payment of the final portion of the benefit shall be made within one (1) tax year of the date of the first payment. Interest may be paid on deferred portion of the benefit at the same rate as earned on the Special Fund, but in no case shall the interest be greater than 5 %. SECTION 6. Because the Special Fund contains many long-term investments, retiring members are requested to voluntarily submit their intentions to retire at least 12 months before their retirement date. Prior announcement of retirement is strictly voluntary and failure to do so will not affect pensions.