(A) There is hereby created a Police Pension Fund in accordance with I.C. 36-8-6 et seq. and all acts amendatory and supplementary thereto (commonly termed a “1925 Police Pension Fund”). The Police Pension Fund as established herein shall apply, as to contributions and benefits, to all paid police officers of the city who are described under I.C. 36-8-6-1, excepting those exempt therefrom under the provisions of I.C. 36-8-6-15 and I.C. 36-8-6-16 or who are required or have opted to become members of the state’s 1977 Police Pension and Disability Fund under I.C. 36-8-8 et seq. The Police Pension Fund shall be governed and managed by a Board of Trustees to be composed of seven members, as follows:
(1) The Mayor;
(2) The Clerk-Treasurer;
(3) The Police Chief;
(4) A retired member of the Police Department; and
(5) Three active members of the Police Department.
(B) The members described under divisions (A)(4) and (A)(5) above shall be elected and serve terms as provided by I.C. 36-8-6-2(c). However, if there is not a sufficient number of active and retired members of the Police Department to elect enough members of the Pension Fund Board of Trustees under divisions (A)(4) and/or (A)(5) above so that the total membership of the Board is at least five members, then the ex officio members described in divisions (A)(1) through (A)(3) above shall alone constitute the Pension Fund Board of Trustees and have all of its powers and duties. The Pension Fund Board of Trustees shall be vested with all authority of, and subject to regulations as provided by I.C. 36-8-6 and amendments or supplements thereto.
(1985 Code, § 9-6-6) (Ord. 1-1969, passed 2-11-1969; Ord. 13-1984, passed - -; Ord. 1998-7, passed 11-12-1998)