MN SF4424

The Ramsey Volunteer Firefighters' Relief Association shall transfer account balances to a Nowthen relief association if the joint powers fire protection agreement between Ramsey and Nowthen expires or is terminated and Nowthen establishes its own fire department or enters a new agreement.

Transfer of individual firefighter accounts must occur within 30 days of hire or membership in the Nowthen relief association, with account balances determined as of the most recent calendar year end or later date when investment earnings are credited.

The Ramsey relief association shall transfer a proportionate share of its general fund assets to the Nowthen relief association based on the ratio of transferred account balances to total account balances.

The city of Ramsey shall transfer a portion of its 2021 fire state aid to Nowthen based on the commissioner of revenue's calculation of Nowthen's share attributable to property value and population.

Firefighters transferring to the Nowthen relief association retain all service credit from the Ramsey association for vesting purposes and toward future vesting in new funds allocated by the Nowthen association.