(A) Fund Board of Trustees. The town’s Police Pension Fund shall be governed and managed by a Board of Trustees, to be composed of the President of the Town Council, the Town Clerk-Treasurer, the Chief of Police and three members (one retired and two active) elected by the Police Department.
(Prior Code, § 16.03)
(B) Board Elections.
(1) The retired member and the active members of the police force who are elected to Board membership shall be so elected at a meeting of the members of the police force which shall be held at the police station on the second Monday in February of each year.
(2) There shall be selected on the second Monday in February of each year two Trustees, for a term of three years, to succeed Board of Trustees members whose terms of office shall expire on such date, and such Trustees shall hold their offices until their successors shall be elected and qualified.
(Prior Code, § 16.04)
(C) Board officers.
(1) The Pension Fund Board of Trustees shall have the following officers, with duties as described herein:
(a) President. The President of the Town Council shall be the President of this Board. It shall be the duty of the President to preside over all meetings of the Board of the Pension Fund, to call special meetings of the police force of the town and to preside over the annual and called meetings of the same held with relation to the Fund.
(b) Treasurer. The Town Clerk-Treasurer shall be the Treasurer of the Fund. Said Treasurer shall have the custody of all moneys, notes, bonds and other securities due or belonging to said Fund and shall collect the principal and interest of the same. He or she shall be liable on his or her bond as the town’s Clerk-Treasurer for the faithful accounting of all moneys and securities which may come into his or her hands belonging to the Fund. He or she shall keep a separate account which shall show at all times the true condition of the Fund, and upon the expiration of his or her term of office, shall account to the Board for all moneys, notes, bonds and other securities and the proceeds of the same, and shall turn over to his or her successor all funds belonging to the Fund remaining in his or her hands.
(c) Secretary. The Pension Fund Board shall select one of its members to act as Secretary. Such Secretary shall be paid out of the Fund such sum for his or her services as may be fixed by the Board of Trustees. The Secretary shall keep a true account of the Board proceedings, and of the police force when acting upon matters relating to the Fund. He or she shall also keep a statement of the accounts of each member with the Pension Fund to collect and turn over to the Treasurer all moneys belonging to the Fund. The Secretary shall prepare a bill of the assessments made against each member of the Police Department by name, and he or she shall provide the Board with a monthly account of his or her acts and services as such and turn over to his or her successor all books and papers pertaining to the office. The Secretary shall further execute a bond, to be approved by the Board of Trustees in such amount as may be fixed by the Board, conditioned for the faithful discharge of the duties of his or her position.
(2) The Secretary and Treasurer shall make full reports of their trusts to the Board of Trustees on the first Monday in February of each year and shall file copies of the same with the Town Clerk-Treasurer. The books of the Secretary and Treasurer shall at all times be open to examination by any member of the Pension Fund Board of Trustees.
(Prior Code, § 16.05)
(D) Vacancies. In the event of a vacancy in the office of any of the Trustees selected by the police force, then such police force shall, within a reasonable time thereafter, upon the call of the President of the Town Council, hold a special meeting and elect a successor for the remainder of the term of such member.
(Prior Code, § 16.06)
(E) Expenses. Pension Fund Trustees shall receive no pay for their services and shall be paid only their necessary expenses. Trustees shall, however, be paid out of the Fund their necessary traveling expenses when acting upon matters pertaining to the Police Pension Fund.
(Prior Code, § 16.07)
(F) Powers. The Board of Trustees of the Police Pension Fund shall have the following powers:
(1) To make all necessary bylaws for meetings, the manner of their election and the counting and canvassing of the votes therefor;
(2) To collect all money and other property due or belonging to such fund; and
(3) To adopt rules for the operation of such fund in accordance with the laws of the state.
(Prior Code, § 16.08)
(G) Source of charge and control. Source of charge and control of the Police Pension Fund of the town which shall be derived from all sources permitted under I.C. 36-8-6, as amended.
(Prior Code, § 16.09)
(H) Investment and payment of benefits. The Board of Trustees of the Fund shall have the powers and duties concerning the investment of said funds and the payment of benefits as required by I.C. 36-8-6, as amended.
(Prior Code, § 16.10)
(I) Additional provisions incorporated. All provisions of I.C. 36-8-6 are incorporated herein by reference insofar as applicable.
(Prior Code, § 16.11)