(A) There is hereby established a Board of Trustees of the Police Pension Fund, consisting of five members, a majority of whom shall be residents of the village. Two of the Board members shall be appointed by the Village President, with the advice and consent of the Board of Trustees, for a term of two years each. However, members appointed by the Board of Trustees shall be appointed to staggered terms so that the term of one member shall expire each year.
(B) The third and fourth Board members shall be elected from the regular police force by the active sworn officers thereof. The fifth member shall be elected by the beneficiaries of the Fund. The elected members shall serve for a term of two years. Their term of election shall be at the time and in the manner provided by statute.