2002_0304_packet - Laserfiche WebLink

Home

Qualification for receipt of benefits shall be conclusively determined by the Board of Trustees only upon completion of the following by the separating member: 1. Execution of a Severance Statement and Acknowledgment of Forfeiture by the member in the form provided by the Association, within thirty (30) days next following separation from active service. 2. Within thirty (30) days next following the attainment of the age of fifty (50) years by a separated member, the separated member shall make application for the lump sum benefit provided herein, on a form provided by the Association and file same with the Association's Secretary. Said Application may contain the election to receive the lump sum ben�fits in up to three (3) consecutive annual installments, together with interest as provided in Section 45, and said election shall be irrevocable. In the event a separated member shall die before making Application but after attainment of age fifty (50), or die after making Application and otherwise qualify, but before receipt of the benefits, said benefit or the balance of installments shall be paid when due to the Surviving Spouse, so long as said spouse had been living with the separated member for at least one (1) year prior to the date of death and shall not remarry„ or if there be no qualifying Surviving Spouse, to the surviving minor child or minor children, including children born within nine (9) months after the death of the separated member, in equal shares, provided that they are under the age of eighteen (18) years and were living with the deceased separated member and dependent upon the separated member for support at the time of said death. Any amounts not paid shall be forfeited. Neither the years of service nor membership in the Association as required by this Section, need be consecutive, however, periods of time while a member is on leave of absence or under suspension, shall not be included in determining membership or serv�ce as required for qualification of the benefit provided herein. The benefit for which a separated member may qualify upon completion of all requirements of this Section shall be determined as of the date of separation from service and shall be endorsed on the Severance Statement. Section 44B Exclusivity of Benefit Receipt of benefits pursuant to Section 44A, shall be in lieu of any other benefit to which the separated member, Surviving Spouse or minor children would have been entitled to pursuant to the provisions of these Bylaws. However, the Association reserves the right to increase or decrease the amounts payable pursuant to Section 44A, at anytime author� Minnesota Statutes and the provisions of these Bylaws. Section 4 Election of Installment Payments e election of installment payments shall be irrevocable and shall be made by the retiring member in writing and filed with the Association's Secretary not later than thirty (30) days prior to the commencement of payment of the service pension. -�'-�e--a�e�� �--- - - - - - - - - ��.t�.��...��- - -- - - - -- - - -- - : ._ . - - - --- - ---- -- ::: : -- :: - : :: - -- : -- - -- - - ---- 12