A. Established: A Police Pension Fund is hereby established for the benefit of police, their widows, children and certain other dependents as provided and required by law. The fund shall be administered by the Board of Trustees.
B. Financing:
1. There shall be deposited in the Police Pension Fund the sums required by law which shall include seven percent (7%) per month deducted from the salary of each member of the police force.
2. The Village Board of Trustees shall levy a tax, the proceeds of which shall also be deposited in the Police Pension Fund, which, when added to the deductions from the salaries of the policemen and receipts from other sources, will equal a sum sufficient to meet the annual requirements of the Police Pension Fund and of the reserves required therefor, all as provided by the Statutes of the State 2 .
C. Collection And Custody Of Proceeds: It is the duty of the Village Treasurer to collect the monies appropriated for this fund. He shall retain the custody of said monies until it is drawn from him by order of the Board of Trustees of the Police Pension Fund. After said monies are invested by the Board of Trustees, all securities or intangible choses in action purchased by them shall be deposited with the Village Treasurer and left in the Treasurer's custody subject to the further control and order of the Board of Trustees of the Police Pension Fund. (1989 Code)
D. Reports Required: On the second Tuesday in January annually, the Treasurer and all other officials of the Municipality who have custody of any pension funds as herein provided shall make a sworn statement to the Board of Trustees of the Police Pension Fund and also to the Village President and the Board of Trustees relating to all monies received and paid out on account of the Pension Fund ending that year. The Police Pension Fund shall operate on a fiscal year basis beginning January 1 and ending December 31. The Board of Trustees of the Police Pension Fund shall report to the Village Board of Trustees annually upon the condition of the Police Pension Fund. Said report shall be made prior to the meeting of the Board of Trustees held for the levying of taxes for the year for which such report is made. Said report shall be in the manner and form as required by law. (Ord. 2015-5-071, 5-4-2015)
Notes
| 1 | 1. See title 2, chapter 6, article A of this Code. |
| 2 | 2. 40 ILCS 5/3-101 et seq. |