A. Fund Established: There is hereby established a police pension fund, effective December 29, 1953, as provided by law.
B. Board Of Trustees Of Fund: The board of trustees of the police pension fund established in subsection A of this section shall consist of five (5) members, two (2) of whom shall be appointed by the mayor, two (2) of whom shall be elected by the members of the police department and one of whom shall be elected by the beneficiaries of the pension fund. The elections shall be held biennially on the third Monday in April, and the term of each member shall be for two (2) years. The pension board shall meet at least quarterly as provided by law and shall hold such additional meetings as may be called by the president of the pension board.
C. Contributions To Fund: There shall be deposited in the police pension fund created in this section, the sums required by law, which shall include 9.91 percent per month deducted from the salary of each member of the police force and the proceeds of any annual taxes and/or fees collected by the city as provided in 40 Illinois Compiled Statutes 5/3-101 et seq. (1996 Code § 24-3; amd. 2010 Code)