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<br /> , <br /> Memorandum <br /> . <br /> ============================================================ <br /> Date: January 20. 1990 <br /> To: Mayor and Counci I <br /> From: Paul L. Malone, Councilmember ~ <br /> Re: Report on the Annual Meeting of the Lake Johanna <br /> Volunteer Firemen's Benefit Association. held on <br /> January 13, 1990. <br /> ------------------------------------------------------------ <br /> ------------------------------------------------------------ <br /> The annual meeting of the Lake Johanna Volunteer <br /> Firemen's Benefit Association was held on Saturday, <br /> January 13. 1990. at Station 1- The purpose of this <br /> organization is to provide retirement benefits to the <br /> firefighters. At the annual meeting, the Association: <br /> (1) Elects its board of directors, (2) Amends its bylaws. <br /> (::5) Prov ides its members with a financial report, and <br /> (4 ) Elects new members. <br /> Directors are nominated at large from the membership, <br /> and the members vote on the nominees by secret ballot. All <br /> . of the directors are elected with equal standing, and the <br /> Fire Chief appoints those who wil I serve as officers - <br /> ie: President, Vice President. Secretary, and Treasurer. <br /> This seems somewhat unusual to me, but we apparently have no <br /> standing to comment. <br /> The Association's bylaws were amended this past year, <br /> and the changes were reviewed with the memoers. The new <br /> provisions allow earlier vesting than had previously been <br /> allowed. In order to provide perspective, I' I I outline both <br /> the former and the new vesting provisions. <br /> Association members accumulate vesting rights for an <br /> eventual monthly pension of $300.00 per month. Previously, <br /> 20 years of service were required in order to receive these <br /> monthly benefits. which are payable when the member reaches <br /> the age of 50. The $300.00 benefit is the basic pension, <br /> but members may increase their stipend by accumulating <br /> additional service time, up to a maximum of 30 years. Those <br /> electing this option have their penSion increased by $15.00 <br /> per month for each year of service beyond 20. Wi th the <br /> newly enacted change In the bylaws, members become partially <br /> vestea after 10 years of service, and upon reaching age 50, <br /> may collect reduced monthly benefIts. <br /> . -- Page 1 -- <br />