Rules

1.6.2023

GENERAL RULES

Section 1
The sickness fund is called WaasaWärtsilä’s Sickness Fund. The fund’s registered office is in Vaasa.

Section 2
The purpose of the fund is to provide benefits under the Health Insurance Act and additional benefits subject to these rules. The fund is an employer’s fund as defined in the Health Insurance Act (1224/2004). In addition to these rules, the operation of the fund is regulated by the Act on Insurance Funds (Laki eläkesäätiöistä ja eläkekassoista 946/2021) and the Employee Benefit Funds Act (Vakuutuskassalaki 948/2021). Finanssivalvonta, or the FIN-FSA (Financial Supervisory Authority), is responsible for the general supervision of the fund. The fund’s activities under the Health Insurance Act are supervised by Kela, the Social Insurance Institution of Finland.


Section 3
A minimum of 300 members is required for the fund.

ELIGIBILITY AND MEMBERSHIP

Section 4
The fund is comprised of:

1) Wärtsilä Development & Financial Services Oy, Wärtsilä Finland Oy, Wärtsilä Oyj Abp, Wärtsilä Projects Oy, Wärtsilä Solutions Oy, Wärtsilä Technology Oy Ab, and the persons who were members of this sickness fund on the 30th of September 2021 and transferred as former employees from Wärtsilä to Citec Oy Ab as of the 1st of October 2021.
2) Persons employed by the company Fortaco Oy in the areas covered by the Mustasaari office.
3) Persons employed by DHL Supply Chain in the areas covered by Wärtsilä Finland Oy’s Vaasa offices.
4) Persons who were members of this sickness fund on the 31st of January 2014 and whose employer is KPA Unicon Group Oy.
5) Persons whose employer is Kilkanen Oy.
6) Persons employed by Prohoc Proactor Oy and Prohoc Works Oy in the areas covered by section 1) company’s offices in Finland.
7) Persons employed by Transval Vaasa Oy, Transval Solutions Oy and Transval Works Oy in the areas covered by section 1) company’s offices in Finland.
8) Persons employed by this sickness fund.

In these general rules, the companies mentioned in subsections 1 to 7 of this section are referred to as the employer. To be eligible for membership, a person’s main source of income must be the employer or the sickness fund.
People eligible for membership also include those who have retired from the above employers after the 1st of January 2008 and who were insured under this sickness fund for at least 15 consecutive years before retirement.

Membership of the fund must be applied for at the latest at the end of six months from the start of the employment relationship.

A person who has retired from the employer’s service and who has been a member of the fund for the required period, but whose membership of the fund has ended before retirement, may rejoin the fund as an additional benefit member upon retirement. The member may then add their previous membership to their current one for the purposes of these rules.

A person about to retire must notify the fund of their desire to continue their membership within one month of having been informed of the decision on their pension. Within the same time period, they must apply for new membership.

The fund’s Board of Directors determines whether the conditions for membership are met and decides on the commencement of the membership. The membership starts at the beginning of the calendar month following the Board’s decision. The membership of a retired person begins at the beginning of the month following the calendar month in which it is established that the conditions for the membership exist.

A fund member performing a work trial paid for by an insurance company may, as long as the employment contract is valid, remain a self-paid member during the work trial.

The Board of the fund may, by a separate decision for a specified period, also allow persons who are employed by the employer and who have not previously joined the fund to become members.

At the start of the membership, the member will receive the rules of the fund by email. Fund members are notified of any regulations and rule changes on the fund’s website.

REVOKING MEMBERSHIP AND TERMINATION
Section 5
Fund membership is automatically revoked after a member is no longer eligible, or a member may relinquish their fund membership by written notice. A retired fund member relinquishes their fund membership by written notice. A retired fund member is considered to have relinquished their membership if they have failed to pay their membership fees for a period of three months. The termination is deemed to have taken place at the end of the month during which the written notice is given or during which the non-payment of membership fees has been established.

A retired person who has relinquished their membership of the fund while retired is not entitled to rejoin the fund. A member’s fund membership cannot be terminated. A person who has relinquished their membership of the fund without termination of employment is not entitled to rejoin the fund.

Section 6
Once they have left the fund, a member is not entitled to any assets of the fund.

INSURANCE PAYMENTS
Section 7
Membership fee is 1.4% of an employed member’s pay received from the employer subject to the Withholding Tax Act (ennakkoperintälaki 1118/1996), up to a maximum of €62.50 per month for white-collar workers and €28.80 per pay period for blue-collar workers.

A retired member is charged a membership fee of €42.50 per month. A person who receives pay and a pension at the same time is charged a membership fee from both their pay and pension and is subject to the stipulations of these rules applicable to an employed person during the period of employment, and during the period of retirement they are charged a membership fee of €21.25 per month. However, no membership fee is charged from their pension for the period of unpaid leave referred to in section 18.

The Board of the fund may, on application, exempt a member from the obligation to pay a membership fee during a long-term stay abroad. Members are not entitled to the benefits specified in section 13 of these rules during such a grace period.

Section 8
The employer withholds the membership fee from a member’s wages or salary on pay day. The membership fee is paid to the fund at least once a month.
A member receiving a pension must provide the fund with the information necessary to determine the amount of the membership fee and pay the membership fee in the manner determined by the Board.

Section 9
The Board of Directors of the fund may reduce or increase the fees, as defined in section 7, by a maximum of 25% if the financial state of the fund so requires. However, if the adjustment is in effect for more than six months, it must be incorporated in the rules.

PAY-OUTS STIPULATED IN THE HEALTH INSURANCE ACT

Section 10
According to the Health Insurance Act and its regulations, a fund member is entitled to the following:
1) reimbursement for the costs of healthcare needed to care for an illness;
2) daily allowance for incapacity to work due to illness;
3) reimbursement of the necessary expenses incurred during pregnancy or childbirth;
4 a) maternity allowance, paternity allowance, parental allowance and special maternity allowance;
   b) pregnancy allowance, special pregnancy allowance, parental allowance
5) daily allowance as defined in section 18 of the Act on the Medical Use of Human Organs, Tissues and Cells (101/2001).

Section 11
Any benefits outlined in the Health Insurance Act, the amount and limits thereof, the start and end of an insurance period, applying for and paying out benefits, appeals, and any tasks relating to activities outlined in the Health Insurance Act are determined in accordance with the Health Insurance Act and the regulations and decrees under it.

Section 12
The sickness fund is entitled to the funds necessary for the payment of benefits under the Health Insurance Act, paid out by the Social Insurance Institution of Finland’s national health insurance fund. WaasaWärtsilä’s fund is also entitled to reimbursement of any administrative expenses in accordance with the provisions of the Health Insurance Act and the Government Decree (1335/2004) on the implementation of the Health Insurance Act.

ADDITIONAL BENEFITS

Section 13
The sickness fund reimburses its members for costs related to healthcare for necessary treatment by a doctor or other professionally trained person due to illness, pregnancy or childbirth. Costs are reimbursed for the amount that the care would have cost, avoiding any unnecessary costs, but without compromising the member’s health. For the purposes of these rules, a dentist is also considered a doctor. Any reimbursements, before they are paid out, are subject to a deduction in accordance with section 17.

Reimbursement from the sickness fund cannot be claimed for costs paid for using the Epassi app or Tyky payment means.

Reimbursed costs include:
1 a) doctors’ fees, excluding dentists’ fees which are reimbursed on the basis of subsection 8 of section 13 and also excluding other doctors’ fees related to dental treatment. Doctors’ fees for surgery or similar procedures performed in a private health clinic are also not reimbursed, nor are fees related to the promotion of pregnancy or a procedure to promote pregnancy; and
b) fees for non-dental, non-institutional medical services at a health centre, outpatient clinic fees and fees for day surgery, up to the maximum amounts specified in the Act on Client Charges in Healthcare and Social Welfare (912/1992);
c) a facility fee charged by a private health clinic up to a maximum of €120 per reimbursement. Office fees are not reimbursed;

2 a) daily hospital and health centre fees up to the maximum amount of the daily fee for short-term treatment in a non-psychiatric unit of a central hospital.
 Reimbursement is paid out for no more than 180 days per member during the membership;
b) detoxification treatment of an addict of intoxicants at a detoxification unit or detoxification centre, up to the maximum amount of the daily fee for short-term treatment in a non-psychiatric unit of a central hospital and only for one treatment period per member, up to a maximum of 30 days;

3 a) medicine, clinical nutrients, any equivalent product and emollient creams prescribed by a doctor in cases where reimbursements are also made under the Health Insurance Act; the medical expenses included in the initial deductible are reimbursed even in cases where reimbursements are not made under the Health Insurance Act.
b) medicines other than those reimbursed under the Health Insurance Act, if the Board considers it reasonable to agree to full or partial reimbursement in an individual case;

4 a) laboratory tests and pathological examinations ordered by a doctor, as well as related sampling;

b) radiological examinations ordered by a doctor, excluding other procedures carried out in connection with the examination;

c) for an MRI scan ordered by a doctor, 70% of the excess over the statutory reimbursement;

d) 70 % of the fee for physiotherapy and physiotherapeutic examinations prescribed by a doctor, and 70% of the fee for massage, naprapathy, osteopathy, chiropractic and chiropody treatments prescribed by a doctor; up to a maximum of 20 treatment sessions per year; pensioner members are reimbursed 50% under the same terms and conditions as those mentioned above;

5 a) necessary travel expenses incurred by a fund member in order to obtain or maintain medical treatment or medical aids and other equipment that are prescribed by a doctor and that are in accordance with the general instructions issued by the Board, using the cheapest means of transport, unless another means of transport is considered necessary due to the nature of the illness or traffic conditions;
b) travel expenses for a visit to the patient by a doctor or other person with relevant professional training as referred to in section 14; and
c) the necessary accommodation costs in accordance with the general instructions issued by the fund’s Board, if the member has had to stay overnight in an accommodation establishment or in accommodation provided for patients by a medical or research institution during a reimbursable trip;

6 a) the purchase of dressings, aids and prostheses prescribed by a doctor, up to a maximum of €170 per reimbursement, if they cannot be obtained free of charge, either permanently or temporarily, and limiting the liability of the fund to a maximum amount which takes account of the reimbursement or the reduction of the charge available elsewhere; and
b) the purchase, in whole or in part, of medical appliances, equipment and instruments prescribed by a doctor, if the Board considers it reasonable to agree to the reimbursement in an individual case;

7 a) for a fund member who has been a member for a minimum of one year, the cost of spectacles and contact lenses prescribed by a doctor or optician, at intervals of no more than two years, up to a maximum of €450 per reimbursement. To be eligible for reimbursement, the spectacles must have optically corrective lenses;

b) for a fund member who has been a member for a minimum of one year, towards the cost of laser eye surgery, up to a maximum of €900 per reimbursement, provided that spectacles are not reimbursed for the member for five years following the operation. For pensioners, the allowance is €225 for spectacles and €450 for laser eye surgery, otherwise the same terms and conditions apply as above.

8 a) for a fund member who has been a member for a minimum of one year, fees or charges other than those referred to in subsection 1 of section 13 for the provision of care by a dentist, specialised dental technician or dental hygienist. Care work also includes dental examinations and work involving dental technology other than prosthetic work up to a maximum of €450 at intervals of no less than two years; for pensioners, the reimbursement is €225, otherwise the same terms and conditions apply as mentioned above.

b) for a fund member who has been a member for a minimum of five years, the fee charged for dental prostheses or their repair by a dentist or specialised dental technician, up to a maximum of €550 at intervals of no more than five years; and
c) dentists’ fees in the case of treatment necessary to cure a disease other than a dental one.

The benefits mentioned in subsections 1 to 8 above are reimbursed to pensioner members under the same terms and conditions as to employed members, except that the following costs are not reimbursed:

1a) doctors’ fees (except for dentists’ fees, which are reimbursed in accordance with subsection 8 of section 13), doctors’ fees for surgery or a similar procedure, unless the Board considers it reasonable to agree to full or partial reimbursement of the fee in an individual case;

4 a) laboratory and pathological examinations and related sampling prescribed by a doctor, unless the Board considers it reasonable to agree to full or partial reimbursement of the costs in an individual case;
b) radiological examinations prescribed by a doctor and other procedures performed in connection with such examinations, unless the Board considers it reasonable to agree to full or partial reimbursement of the costs in an individual case;

In matters relating to additional benefits, members receiving both pay and a pension at the same time are treated as employed persons.

Section 14
Any reimbursement paid out based on these rules is subject to the prerequisite that
the examination has been performed or the treatment given by a doctor or another person with relevant professional training who is registered in the Register of Social Welfare and Healthcare Professionals maintained by Valvira, the National Supervisory Authority for Welfare and Health, or that the examination has been provided by a private healthcare provider as defined in the Act on Private Healthcare (yksityisestä terveydenhuollosta annettu laki 152/1990). Any healthcare provided in accordance with medically approved good practices is considered necessary treatment and examination.

Members are not entitled to a reimbursement without a valid medical certificate. The application period for the reimbursement is one year from the date of the certificate. One medical certificate can be used to reimburse a maximum of 15 examinations and treatment sessions if they have been taken or given within a year of the certificate date. Medications, clinical nutrients, and emollient creams are reimbursed for up to three months’ treatment at any one time.
Treatment abroad is reimbursed up to the amount that the member would have had to pay for it if the treatment had been given in Finland. Travel expenses abroad are not reimbursed.

Section 15
In case of death, the funeral allowance is €1,010.
The funeral allowance is paid to the spouse if the fund member was married at the time of death, otherwise it is paid to the member’s children, or if there are none, to the member’s parents, or if neither of them is alive, to the estate. Where there is reason to believe that the beneficiary will not take care of the burial, the Board may order that the allowance be paid first to the person who has organised the burial, up to the actual cost of the burial.
The provision on marriage and spouse mentioned above also applies to a registered partnership, as defined in the Act on Registered Partnerships (950/2001), and to the partner of the member in that partnership.

Section 16
Compensation under the Health Insurance Act (or other act) is deducted from the additional benefit allowance specified in section 13 before it is paid. If a member of the fund is entitled to compensation under a Finnish law other than the Health Insurance Act or an employer-sponsored, voluntary leisure accident insurance policy, they must be reimbursed only to the extent that it exceeds the reimbursement payable under said other law or insurance policy. Similarly, if a member is entitled to compensation under the legislation of a country other than Finland, this reimbursement may, at the discretion of the Board, be taken into account in whole or in part when determining the reimbursement to be paid by the fund.

Section 17
The fund becomes responsible for additional benefits at the start of membership and ceases to be responsible for additional benefits when the membership ends. The fund only reimburses costs that have been accumulated while the membership has been valid. However, reimbursement of medical care ceases only at the end of the maximum period referred to in section 13, subsection 2a.

LIMITATIONS ON ADDITIONAL BENEFITS
Section 18
If a member becomes ill while away from work due to a stoppage of work or a furlough or any reason other than illness or childbirth, and the member is not paid a salary for this period, the additional benefits stipulated under section 13 of these rules will not be paid to the member for the period in question. Regardless of the time of commencement of the illness, the benefits referred to above shall not be paid during the period of exemption from payment referred to in section 7.
However, in the situations described above, the Board of Directors may at their discretion pay a reimbursement per section 13 using the operating fund.

Section 19
If a member has under false pretences provided the fund with incorrect or insufficient information that has impact on their eligibility for the additional benefit or the amount of additional benefit due, the benefit may be revoked or reasonably reduced depending on the circumstances.

Section 20
The fund has no responsibility to provide additional benefits for members or other beneficiaries that have deliberately caused an insured event.
If a member or other beneficiary has caused an insured event due to gross negligence, the benefit may be revoked or reasonably reduced or the pay-out of an already granted benefit may be suspended depending on the circumstances.
The same applies if a member deliberately hinders their recovery or refuses an examination or treatment prescribed by a fund-appointed clinician without an acceptable reason, with the exception of a procedure that may pose a serious hazard to the member’s health. Before revoking or reducing a benefit or suspending the pay-out of an already granted benefit, the member or other beneficiary must be heard and the member’s or other beneficiary’s conduct in the matter and the amount of the benefit paid must be taken into account.

Section 21
The Board shall have the right to determine which doctor or person with relevant professional training as referred to in section 14, or which medical or research institution or pharmacy shall be used in the case of treatment reimbursed as an additional benefit under these rules.
At the request of the Board of Directors and at the fund’s expense, a fund member is obliged to see a board-designated doctor or visit a board-designated treatment or care facility to clarify any issues with their eligibility for reimbursement.
If a member does not comply with such a request by the Board of the fund, the reimbursement may be fully or partially revoked.

ADDITIONAL BENEFITS: APPLICATION AND PAY-OUT
Section 22
Any benefit outlined in these rules must be applied for in writing. The application must include a medical certificate or an equivalent report with sufficient details.
The reimbursement application must be sent within six months of the cost accumulation. The funeral allowance application must be sent within one year of becoming entitled to it. However, even if the application is sent late, the benefit may be granted in whole or in part if revoking it is considered unreasonable.
The Board of Directors processes all reimbursement applications as urgent. Any delays are subject to the regulations of chapter 6, section 8 of the Employee Benefit Funds Act (vakuutuskassalaki 948/2021).


Section 23
Notwithstanding the stipulations of section 16, any reimbursement can be paid out in full according to section 13 of these rules if the delay in receiving other reimbursement outlined in section 16 is due to a reason unrelated to the fund member and if the member agrees to repay the fund, equal to the amount paid out by the fund, out of the reimbursement received under an act other than the Health Insurance Act or the insurance policy.

Section 24
If a fund member or another beneficiary receives an additional benefit that exceeds the amount they are entitled to, the undue benefit is recovered. An unduly paid additional benefit may be left partially or fully unrecovered if this can be considered reasonable and if the payment has not been made due to fraudulent activity by the member or the beneficiary or a representative thereof, or if the recoverable amount is minor.
An unduly paid additional benefit may also be recovered by subtracting it from future benefit pay-outs.

APPEALING A DECISION ON AN ADDITIONAL BENEFIT
Section 25
If you are not satisfied with the decision related to an additional benefit, you may request the Finnish Financial Ombudsman Bureau to provide a recommendation for resolution. The request for recommendation must be submitted to your own fund or to the Finnish Financial Ombudsman Bureau within 30 days of the member being informed of the decision.

The member is deemed to have been informed of the decision on the seventh day after the date of its mailing. If you are not satisfied with the decision related to an additional benefit, you can also take the matter to court. The complaint must be filed within three years of the date on which the person dissatisfied with the benefit decision received written notification of the fund’s decision and of the three-year time limit. The place of jurisdiction for solving the matter shall be the general court of first instance in the fund’s domicile, i.e. the District Court of Ostrobothnia. The action may also be heard by the district court in whose jurisdiction the claimant is domiciled or habitually resident.

EQUITY FUNDS
Section 26
The fund runs a contingency fund and an operating fund.
The contingency fund must be accumulated annually with at least 20% of the surplus shown in the financial statements, after subtracting the deficit from preceding fiscal years.
 If the value of the contingency fund equals the average total accumulated insurance payment income of the current fiscal year, it is not necessary to transfer assets to the contingency fund.

The reserve in the contingency fund may only be decreased, by a decision of the fund meeting, to a level that covers the deficit indicated in the audited balance sheet.
Notwithstanding the above, the FIN-FSA (Financial Supervisory Authority), may grant the fund permission to decrease the reserve in the contingency fund on special grounds, however, typically not to an amount lower than the set full amount of the contingency fund.

Section 27
Any surplus not transferred into the contingency fund must be transferred into the operating fund.
The operating fund may be used for the following:
primarily, to cover a deficit indicated in the financial statements;
by discretion of the Board of Directors, to add benefits stipulated in sections 13–15 based on a plan confirmed by the Board for a period of up to one year at a time; and
for the purpose outlined in section 18, regarding paying a reimbursement per section 13 using the operating fund at the Board of Directors’ discretion.
If the operating fund exceeds 30% of the full contingency fund amount, the fund must take measures to either provide more additional benefits as per these rules or to reduce fees.

TECHNICAL RESERVES
Section 28
The technical reserves of the fund is the outstanding claims reserve that corresponds to payable additional benefit reimbursements due to insurance events, unpaid at the end of the fiscal year. The outstanding claims reserve is calculated using the basis of calculation regulated by the FIN-FSA (Financial Supervisory Authority).


FINANCIAL STATEMENTS

Section 29
The fund’s fiscal year equals the calendar year.
For each fiscal year, the fund must provide financial statements according to an ordinance by the Ministry of Social Affairs and Health (1196/2021) and to regulations issued by the FIN-FSA (Financial Supervisory Authority) regarding financial statements, including the profit and loss account and the balance sheet with relevant appendices. The financial statements must include an annual report. The financial statements and the annual report must be presented to auditors a minimum of one month before the regular fund meeting.

Section 30
If the operating fund is not sufficient to cover the deficit, the contingency fund is used.
The fund is not obliged to observe the additional payment obligation outlined in chapter 4, section 12 of the Employee Benefit Funds Act (vakuutuskassalaki 948/2021).

AUDIT

Section 31
The fund has one auditor, selected for a calendar year at a time. The auditor may be a natural person or an approved audit firm. A natural person must have an alternate auditor. No alternate auditor is required for an audit firm. The auditor and the alternate auditor must fulfil the requirements set out in the Auditing Act (1141/2015).

FUND MEETING
Section 32
The ultimate decision-making power lies with the fund meeting, in which every fund member has the right to participate and speak.
The fund meeting must be held at the registered office of the fund. If the Board of Directors so decides, the meeting may also be attended by means of a telecommunication connection or other technical aid. 

Section 33
Each representative has one vote in the fund meeting. Fund members exercise this right at the fund meeting in person or they are represented by an advocate. An advocate is entitled to represent no more than one fund member.
The person using the vote of a fund member must present a dated, individualised power of attorney.

Section 34
The fund holds one annual regular fund meeting. The ordinary general fund meeting is held no later than April each year.
The ordinary general fund meeting has the following agenda:
1) presentation of financial statements and audit report;
2) decision on confirmation of the financial statements;
3) decision on using the surplus or covering the deficit;
4) decision on discharge to the Board of Directors and the fund manager;
5) decision on other actions required based on the preceding year and the financial statements; 
6) setting of fees for the chairperson of the Board and for other members and auditors;
7) selection of members and their alternates for outgoing board members and alternates;
8) selection of auditors and their alternates; and
9) any other items in the meeting invitation.
Section 35
An extraordinary fund meeting must be held when the Board of Directors deems it necessary.
An extraordinary fund meeting must also be held if it is requested in writing by those entitled to vote at the fund meeting who hold at least one tenth of the total number of votes, or by the FIN-FSA (Financial Supervisory Authority), or the auditor of the fund, for a matter of their interest.
Invitation to an extraordinary fund meeting must be delivered within 14 days of the request referred to above.

Section 36
Invitation to a fund meeting must be delivered no earlier than four weeks and no later than one week before the meeting. If the decision on a matter taken up in the fund meeting is postponed to a later meeting, a new invitation must be sent if the later meeting cannot be organised within four weeks.
Invitations to meetings and other notices issued by the fund shall be published in at least one newspaper or other periodical circulated among fund members as decided by the fund meeting. Invitations to meetings are also published on the fund’s website.

Section 37
An invitation to a fund meeting must state the time and place of the meeting and it must include all matters on the agenda. If changing fund rules is on the agenda of the meeting, the principal content of the change must be included in the meeting invitation. Relevant documents must also be available for inspection at the fund meeting.
If the financial statements are on the agenda of the fund meeting, all documents of the financial statements and their copies must be made available at the fund office to members entitled to vote at the meeting for a minimum of one week before the meeting. This procedure is also to be observed if the fund meeting will process a matter related to changing fund rules. The availability of the documents must be stated in the invitation to the meeting.

Section 38
A person selected by the meeting presides over the fund meeting.
Unless otherwise stipulated by law or by these rules, a decision by the fund meeting is the opinion seconded by more than 50% of votes or, should the voting result in a tie, the opinion of the chairperson. In an election, the elective is the one receiving the most votes. Should the vote be a tie, a draw will be held for the result.
Any decision on changing fund rules is valid only if those entitled to vote that hold two thirds of the votes represented at the meeting second the change. The same applies for liquidation and its termination of the fund in cases that are not legally required, and for the approval of a fund merger agreement.

Section 39
If there is a matter that has not been dealt with in accordance with the procedural provisions of the Act on Insurance Funds (Laki eläkesäätiöistä ja eläkekassoista 946/2021) or there is a matter that has not been included in the meeting invitation or any documents related to the matter have not been made available according to applicable legislation or these rules, no decision can be made without the consent of the members affected by this neglect. If the law or these rules require that a matter be discussed in the meeting, the fund meeting may decide on the matter even if it has not been included in the meeting invitation. The fund meeting also has the authority to call for an extraordinary meeting to discuss a certain matter.
Members are entitled to include a matter for handling at the fund meeting if the matter is presented to the Board of Directors in writing in due time for it to be included in the meeting invitation.

Section 40
The fund meeting is required to keep minutes of the meeting with the following items recorded: all entitled to vote in attendance and their vote total, decisions made at the meeting, decisions requiring a vote, results of votes. The minutes must be reviewed and signed by the chairperson of the Board and at least one specifically named person entitled to vote and in attendance at the meeting. The minutes must be sequentially numbered and stored securely. The minutes are to be made available to members at the fund office or otherwise within two weeks of the meeting. Fund members are entitled to receive a copy of the minutes and their appendices.

BOARD OF DIRECTORS
Section 41
The Board of Directors of the fund consists of eight full members and personal alternates for each.
The Board is elected by the fund meeting.
Member term is two years. Four full fund members and their alternates must resign from the Board of Directors each year. An attendance allowance is paid to a member or alternate member who attends a Board meeting, the amount of which is decided by the fund meeting.

Section 42
The Board of Directors represents the fund and sees to the appropriate governance and operation of the fund.
The Board specifically:
elects and dismisses the fund manager, fund employees and expert doctors and sets the conditions for their operation;
provides the fund manager with instructions and regulations necessary for the administration and other operations of the fund;
sees to the appropriate organisation of accounting and financial management of the fund;
decides on investing fund assets and taking out loans as outlined in section 47;
decides on granting benefits unless the Board has entitled the fund manager or fund employees to do so;
summons the fund meeting and prepares the agenda and makes a suggestion in its annual report on what to do with the surplus or the deficit indicated in the financial statements; and
provides the authority to sign for the fund per section 46.

Section 43
The Board of Directors selects a chairperson and a vice-chairperson each year. The fund manager or actuary cannot chair the Board.
The Board convenes by invitation of the chairperson or, if the chairperson is prevented from doing so, by invitation of the vice-chairperson. The chairperson must convene the Board of Directors if a Board member so requires.
The Board has quorum when the meeting is attended by the chairperson or the vice-chairperson and a minimum of four other Board members.
A decision by the meeting of the Board of Directors is the opinion seconded by more than 50% of the attendees or, should the voting result in a tie, the opinion of the chairperson.
A Board member or the fund manager may not take part in the discussion of a matter involving their relation to the fund or otherwise their private interest.

Section 44
Minutes must be kept in a Board meeting. The minutes are signed by the chairperson of the meeting and the recording secretary. The minutes are reviewed by at least one Board member, selected specifically for each meeting by the Board. Board members and the fund manager have the right to have their differing opinions recorded in the minutes.  The minutes must be sequentially numbered and stored securely.
The minutes must include the following:
meeting date, start time, end time, and location;
Board member attendees and other attendees;
matters discussed, decisions made, votes taken and dissenting opinions; and disqualifications and any other matters deemed important.

FUND MANAGER
Section 45
The fund manager is the managing director of the fund, with the responsibility to see to the routine administration of the fund according to instructions and regulations provided by the Board of Directors. The fund manager must ensure that the accounting of the fund is organised according to legislation and that the contingency fund is secure. The fund manager is entitled to represent the fund in matters that are in their domain according to chapter 4, section 13 of the Act on insurance funds (Laki eläkesäätiöistä ja eläkekassoista 946/2021).

AUTHORITY TO SIGN
Section 46
The authority to sign for the fund requires two of the following people: a Board member, the fund manager, or a Board-appointed fund employee.

INVESTING ASSETS AND LOAN SERVICING
Section 47
The fund must invest its assets securely and profitably, keeping the fund’s liquidity in mind. Fund assets may not be used for a purpose that is foreign to the fund’s operation. The fund must adapt its operations so that it can operate without borrowing. However, the fund is allowed to take out short-term loans on a temporary basis to maintain liquidity. The fund is not allowed to guarantee loans.

AMENDMENTS TO EMPLOYER RESPONSIBILITIES
Section 48
If an employer wants to amend the employer responsibilities outlined in these rules, the fund must be informed of this in writing no later than six months before the amendment is to take place.
Upon receipt of such a notice, the fund must take measures to make the necessary rule amendments without delay.

MERGER AND DEMERGER
Section 49
The fund may not be merged or demerged per the regulation in chapter 7 of the Employee Benefit Funds Act (vakuutuskassalaki 948/2021).

STATUTORY LIQUIDATION AND TERMINATION
Section 50
The fund must be liquidated and terminated per the regulation in section 9 of the Employee Benefit Funds Act (vakuutuskassalaki 948/2021) in the event of the following:
the fund has not attracted enough members within the past two calendar years to fulfil the minimum amount regulated in these rules, and it is not probable that the fund will get enough new members in the next four months to reach this number;
the financial statements of the fund are in deficit and this cannot be recovered in the next two fiscal years; and
if the fund does not meet the basis of calculation of technical provisions or the requirements for the coverage of technical provisions and the differentiation of cover;
if the rules expressly so provide;
if the FIN-FSA (Financial Supervisory Authority) has ordered the termination of the fund.

Section 51
Upon termination, the remaining assets are shared among those who were members at the start of liquidation. Assets are shared relative to membership fees paid over the 60 months preceding the start of liquidation. If the amount to be shared is minor, the fund meeting may decide on two thirds majority vote that the assets are used for some other appropriate purpose or for the public good. The matter is decided by a simple majority.