(A) The City of La Salle, Illinois, hereby and herein adopts and henceforth will follow Article Four: Firemen’s Pension Fund - Municipality 500,000 And Under, in providing pension benefits for its employees falling within the description of fireman as defined in ILCS Ch. 40, Act 5, § 4-106, and in further providing for the setting apart, formation, administration and disbursement of monies collected under said pension fund.
(B) (1) A board composed of 8 members, as required by ILCS Ch. 40, Act 5, § 4-121, is hereby created, said Board to have all right, power and authority granted to it under ILCS Ch. 40, Act 5, §§ 4-101 et seq., and is responsible for the proper administration of said Fund. The new Board will consist of the City Treasurer, City Clerk, City Fire Chief and Mayor of the City, together with 3 other persons to be chosen from the active firemen of the city as defined in and by ILCS Ch. 40, Act 5, § 4-106, and 1 other person who shall be chosen from the firemen who have been retired under ILCS Ch. 40, Act 5, §§ 4-101 et seq. Being that no fireman of the City of La Salle has retired under ILCS Ch. 40, Act 5, §§ 4-101 et seq. as of this date, said Board will consist of 7 members until such time as a retired fireman qualifies for the additional position on said Board. The members of the Board to be chosen from the active and retired firemen shall be elected by ballot at elections to be held on the third Monday in April of the applicable years under the Australian Ballot System, at such place or places, and under such regulations as shall be prescribed by the Board.
(2) No person shall cast more than 1 vote at such election for each candidate for whom he or she is eligible to vote. In the elections for Board members to be chosen from the active firemen, all active firemen and none others may vote. In the elections for Board members to be chosen from the firemen who have been retired, the firemen who have been so retired and none others may vote. Each member of the Board so elected shall hold office for a term of 3 years and until his or her successor has been duly elected and qualified.
(3) The Board shall canvass the ballots at each election and declare the results as to which person or persons have been elected and for what term or terms respectively. In case of a tie vote between any 2 or more candidates, the Board shall determine by lot which candidate or candidates have been elected and for what term or terms respectively. In the event of the failure, resignation or inability to act of any member of the Board, his or her successor shall be elected for the unexpired term at a special election which shall be called by the Board and conducted in the same manner as a regular election hereunder. In addition, the Board shall elect from its number a president and vice-president.
(C) That the present state statutes concerning the Firemen’s Pension Fund, the same being ILCS Ch. 40, Act 5, §§ 4-101 et seq. are adopted in and by this section and made a part hereof, and said sections are incorporated into this section the same as if they had been written herein.
(D) The depository for all monies collected under and by said Board on behalf of said Fund shall be selected by said Board, which depository shall invest said funds in accordance with ILCS Ch. 40, Act 5, § 4-128.
(E) (1) The City Council shall annually levy pursuant to and in accordance with ILCS Ch. 40, Act 5, § 4-118, a tax upon all the taxable property of the municipality at the rate on the dollar which will produce an amount which, when added to the deductions from the salaries or wages of firemen and receipts available from all other sources referred to within ILCS Ch. 40, Act 5, §§ 4-101 et seq., will equal a sum sufficient to: (1) meet the annual requirements of the pension fund; an (2) provide actuarial reserves for the annuities and benefits to be earned by the firemen during the year, and said actuarial reserve requirements shall be computed at a rate of not less than 17.5% of the salaries and wages to be paid to the firemen for the ensuing year; and (3) provide for the amortization of the unfunded accrued liabilities, including liabilities on account of pensions and benefits in force at such date, as determined as of December 31, 1966, by the Pension Division of the Department of Insurance as reported in its Report of Examination of Public Employees Pension Fund, 1967, over a period of 40 years from such date using an interest rate assumption of 4% per annum.
(2) The tax shall be levied and collected in like manner with the general taxes of the municipality and shall be in addition to all other taxes now or hereafter authorized to be levied upon all property within the municipality, and in addition to the amount authorized to be levied for general purposes, as provided by ILCS Ch. 65, Act 5, §§ 8-3-11 et seq.
(3) The Firemen’s Pension Fund shall consist of the following moneys which shall be set apart by the Treasurer of the municipality:
(a) All moneys derived from the taxes levied hereunder;
(b) All fines imposed for the violation of fire ordinances, the enforcement or collection of which may be charged to and be under the supervision of the chief officers or subordinate officers of such fire departments;
(c) Monthly deductions from the salary of each fireman as otherwise provided herein. As amended by act approved July 31, 1967.
(Ord. 879, passed 7-12-1976)