424B.001 APPLICATION OF CHAPTER 424A. This chapter must be read in conjunction with chapter 424A. For the purposes of this chapter, the definitions and other provisions of chapter 424A apply where not inconsistent with this chapter. History: 2021 c 22 art 10 s 6
424B.01 DEFINITIONS. Subdivision 1. Generally. Unless the context of the provision indicates that a different meaning is intended, each of the terms in the following subdivisions has the meaning indicated. Subd. 2. Applicable municipality. “Applicable municipality” means the municipality or municipalities in which a consolidating relief association is located and to which a consolidating relief […]
424B.02 CONSOLIDATION AUTHORIZED. Subdivision 1. Initiation. (a) With the approval of the governing body of each applicable municipality, two or more relief associations associated with fire departments serving contiguous fire districts may initiate the consolidation of the relief associations into a subsequent relief association. (b) Initiation of a consolidation action must occur through the proposal […]
424B.03 SUBSEQUENT RELIEF ASSOCIATION. Subdivision 1. New relief association. If the subsequent relief association is a new volunteer firefighters relief association, the consolidated volunteer firefighters relief association must be incorporated under chapter 317A. The incorporators of the consolidated relief association must include at least one board member of each of the former volunteer firefighters relief […]
424B.04 GOVERNANCE OF CONSOLIDATED VOLUNTEER FIREFIGHTERS RELIEF ASSOCIATION. Subdivision 1. Board of trustees. The consolidated volunteer firefighters relief association is governed by a board of trustees as provided in section 424A.04, subdivision 1. Subd. 2. Composition of board. The board must have three officers, including a president, a secretary, and a treasurer. The membership of […]
424B.05 SPECIAL AND GENERAL FUNDS. The consolidated volunteer firefighters relief association must establish and maintain a special fund and a general fund. The special fund must be established and maintained as provided in section 424A.05. The general fund must be established and maintained as provided in section 424A.06. History: 2000 c 461 art 16 s […]
424B.06 TRANSFERS. Subdivision 1. Generally. On the effective date of consolidation, the records, assets, and liabilities of the prior volunteer firefighters relief associations are transferred to the consolidated volunteer firefighters relief association. On the effective date of consolidation, the prior volunteer firefighters relief associations cease to exist as legal entities, except for the purposes of […]
424B.07 DISSOLUTION OF PRIOR GENERAL FUND BALANCES. Before the effective date of consolidation, the secretaries of the volunteer firefighters relief associations shall settle any accounts payable from the respective general fund or any other relief association fund in addition to the relief association special fund. Investments held by a fund of the prior relief associations […]
424B.08 TERMINATION OF PRIOR RELIEF ASSOCIATIONS. Following the transfer of administration, records, special fund assets, and special fund liabilities from the prior relief associations to the subsequent volunteer firefighters relief association, the prior volunteer firefighters relief associations cease to exist as legal entities for any purpose. The subsequent relief association secretary shall notify the following […]
424B.09 ADMINISTRATIVE EXPENSES. The payment of authorized administrative expenses of the subsequent volunteer firefighters relief association must be from the special fund of the subsequent volunteer firefighters relief association in accordance with section 424A.05, subdivision 3b, and as provided for in the bylaws of the subsequent volunteer firefighters relief association and approved by the board […]
424B.10 CONSOLIDATION; BENEFITS; FUNDING. Subdivision 1. [Repealed, 2009 c 169 art 10 s 58] Subd. 1a. Applicability. This section applies when all of the volunteer firefighters’ relief associations involved in the consolidation are defined benefit relief associations as defined in section 424A.001, subdivision 1b. Subd. 1b. Benefits. (a) The successor relief association following the consolidation […]
424B.11 CONSOLIDATING DEFINED CONTRIBUTION RELIEF ASSOCIATIONS; INDIVIDUAL ACCOUNTS; FUNDING. Subdivision 1. Applicability. This section applies when all of the volunteer firefighters relief associations involved in the consolidation are defined contribution relief associations as defined in section 424A.001, subdivision 1c. Subd. 2. Individual accounts. The successor relief association following the consolidation of two or more defined […]
424B.12 MIXED CONSOLIDATING RELIEF ASSOCIATIONS; BENEFIT PLAN; FUNDING. Subdivision 1. Applicability. This section applies where one or more of the volunteer firefighters relief associations involved in the consolidation are defined benefit relief associations as defined in section 424A.001, subdivision 1b, and one or more of the volunteer firefighters relief associations involved in the consolidation are […]
424B.13 CONVERSION OF RELIEF ASSOCIATION DEFINED BENEFIT PLAN TO DEFINED CONTRIBUTION PLAN. Subdivision 1. Authority to initiate conversion. (a) The board of trustees of a defined benefit relief association may convert the defined benefit plan to a defined contribution plan in accordance with this section. (b) A conversion consists of: (1) termination of the defined […]
424B.22 RELIEF ASSOCIATION DISSOLUTION AND RETIREMENT PLAN TERMINATION. Subdivision 1. Application. (a) Notwithstanding any laws to the contrary, this section applies to: (1) the termination of a retirement plan established and administered by a relief association, whether or not the relief association is also dissolved or eliminated; and (2) the dissolution of a relief association […]
