A fashion archetype of the mid-80's. Often duplicated and modified, but the classic Members Only jacket was as thus:
A zip up, waist length, lightweight jacket made of chintz. Knit cuffs and pocket trim. A non-folded collar with a strap through a few loops around the collar, that could be secured with two metal snaps on the right side of the collar. Up to this point, not bad, but what made the jacket were the epaulets, completely useless loops of chintz going from the collar, to the shoulder and back again through a smaller loop, and secured to itself with metal snaps like the ones on the collar.
A genuine Members Only jacket would have an embroidered logo with MEMBERS ONLY in silver thread on a black background beneath the knit trim of the left breast pocket.
Members Only jackets came in a dazzling array of colors, but I seem to remember them most often in maroon, brown, gray and black.
Coolest worn with the sleeves pulled up to 3/4 length. It also looked really good with your alligator shirt on beneath it, and the color coordination you would need to do to remain cool was surely one of the most difficult rites of passage of mid-80's fashion.
I never had one. By the time I could have afforded one and bought it on my own they were hopelessly out of style. However, fashion cycles will mean that they will be incredibly back in style in just a few years. If you've got one in the closet, freshen it up for the kids.