(A) A Board of five members, a majority of whom shall be residents of the village, shall constitute a Board of Trustees of the Police Pension Fund to administer the Pension Fund and to designate the beneficiaries thereof. The Board shall be known as the “Board of Trustees of the Frankfort Police Pension Fund” or “Pension Board.”
(B) Two members of the Pension Board shall be appointed by the President of the Board of Trustees. The third and fourth members of the Pension Board shall be elected from the active participants of this Pension Fund by such active participants. The fifth member of the Pension Board shall be elected by and from among the beneficiaries of the fund.
(C) One of the Pension Board members appointed by the Village President shall serve for one year beginning on the second Tuesday of May, 1991. The other appointed Pension Board member shall serve for two years beginning on the same date. The successors of the appointed members of the Board shall serve for two years each or until their successors are appointed and qualified.
(D) The election provided for in this section for elected Pension Board members shall be held biennially on the third Monday in April at such place or places in the village and under the Australian ballot system and such other regulations as shall be prescribed by the appointed members of the Pension Board.
(E) The active participants in the Pension Fund shall be entitled to vote only for the active participant members of the Pension Board. All Pension Fund beneficiaries of legal age may vote only for the Pension Board member chosen from among the beneficiaries. No person shall be entitled to cast more than one ballot at such election. The term of the elected members shall be two years, beginning on the second Tuesday of May, 1991.
(F) Upon the death, resignation or inability to act of any elected Pension Board member, his or her successor shall be elected for the unexpired term at a special election, to be called by the Pension Board and conducted in the same manner as the regular biennial election.
(Ord. 1342, passed 3-4-91)