This text of Minnesota § 424A.094 (NONPROFIT FIREFIGHTING CORPORATIONS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Subdivision 1.Authorized inclusion in fire state aid program; covered nonprofit corporations.
(a)This section applies to any independent nonprofit firefighting corporation incorporated or organized under chapter 317A that:
(1)operates exclusively for firefighting purposes;
(2)is composed of volunteer firefighters, paid on-call firefighters, or both volunteer firefighters and paid on-call firefighters; and (3) has a duly established separate subsidiary incorporated firefighters relief association that provides retirement coverage for or pays a service pension to a retired firefighter or a retirement benefit to a surviving dependent of either an active or a retired firefighter, and that is subject to the applicable provisions of chapter 424A.
(b)Notwithstanding any law to the contrary,
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Subdivision 1.Authorized inclusion in fire state aid program; covered nonprofit corporations.
(a) This section applies to any independent nonprofit firefighting corporation incorporated or organized under chapter 317A that: (1) operates exclusively for firefighting purposes; (2) is composed of volunteer firefighters, paid on-call firefighters, or both volunteer firefighters and paid on-call firefighters; and (3) has a duly established separate subsidiary incorporated firefighters relief association that provides retirement coverage for or pays a service pension to a retired firefighter or a retirement benefit to a surviving dependent of either an active or a retired firefighter, and that is subject to the applicable provisions of chapter 424A.
(b) Notwithstanding any law to the contrary, a municipality contracting with an independent nonprofit firefighting corporation must be included in the distribution of fire state aid to the appropriate county auditor by the state auditor only if the independent nonprofit firefighting corporation complies with the provisions of this section.
Subd. 2.Determination of actuarial condition and funding costs.
Each independent nonprofit firefighting corporation to which this section applies shall determine the actuarial condition and the funding costs of the subsidiary relief association using the following procedure:
(1) An independent nonprofit firefighting corporation which has a subsidiary relief association which pays a monthly benefit service pension shall procure an actuarial valuation of the special fund of the subsidiary relief association at the same times and in the same manner as specified in section424A.093, subdivisions 2 and 3, and an independent nonprofit firefighting corporation which has a subsidiary relief association which pays a lump-sum service pension shall determine the accrued liability of the special fund of the relief association in accordance with section424A.092, subdivision 2.
(2) The financial requirements of the special fund of the subsidiary relief association which pays a monthly benefit service pension shall be determined in the same manner as specified in section424A.093, subdivision 4, and the financial requirements of the special fund of the subsidiary relief association shall be determined in the same manner as specified in section424A.092, subdivision 3.
(3) The minimum obligation of the independent nonprofit firefighting corporation on behalf of the special fund of the subsidiary relief association shall be determined in the same manner as specified in section424A.092, subdivision 4, or424A.093, subdivision 5, as applicable.
(4) The independent nonprofit firefighting corporation shall appropriate annually from the income of the corporation an amount at least equal to the minimum obligation of the independent nonprofit firefighting corporation on behalf of the special fund of the subsidiary relief association.
Subd. 3.Authorized pension disbursements.
Authorized disbursements of assets of the special fund of the subsidiary relief association of the independent nonprofit firefighting corporation shall be governed by the provisions of section424A.05.