(a) The Police Pension Fund shall be used for the pensioning of the officers mentioned in Section 288.04. In addition, the widow or widower of a police officer, or a widow or widower of a police officer who has retired and receives a pension, or if no widow or widower survives, or if he or she survives and subsequently dies or remarries, then the children under the age of eighteen of a police officer or a police officer who has retired and receives a pension, shall, during his or her lifetime, or, in the case of a widow or widower, so long as he or she does not remarry, or, in the case of a child, until reaching the age of eighteen years, also be entitled to receive a pension.
(b) The Police Pension Fund shall be under the care and control of the President, Vice-President, Secretary and Treasurer of the Police Pension Fund Association, together with the City Manager, the Director of Finance, the City Clerk and three other members selected by the Police Pension Fund Association. These officers and City officials, together with the Directors, shall be known as the Police Pension Commission.