The board of trustees of the police pension fund shall consist of five (5) members, two (2) of which shall be appointed by the village president, two (2) of which shall be elected by and from the active participants of the pension fund and one of which shall be elected by and from the beneficiaries of the pension fund.
The first appointed member of the board shall serve one 1-year term. All other members shall each serve one 2-year term. All successor members shall each serve two (2) year terms. All members' terms begin on the second Tuesday in May after the village adopts article 3 of the Illinois pension code.
Elections for elected members shall take place biennially on the third Monday in April according to rules and regulations prescribed by the appointed members.
Upon the death, resignation or inability to act of any elected board member, his or her successor shall be elected for the unexpired term at a special election, to be called by the board of trustees of the police pension fund and held in the same manner as the biennial election. Upon the death, resignation or inability to act of any appointed board member, his or her successor shall be appointed by the village president for the unexpired term. (Ord. 04-5, 4-1-2004)