(A) Board Created: There is hereby created a board of trustees of the police pension fund of the village. The board shall be composed of 5 members, a majority of whom shall be residents of the village. The board shall administer the pension fund and designate the beneficiaries thereof.
(B) Appointment Of Members To The Board: 2 members of the board shall be appointed by the mayor with the advice and consent of the board of trustees. The third and fourth members of the board shall be elected from the regular police force by the active members thereof. The fifth member shall be elected by and from among the beneficiaries of the fund.
(C) Term Of Office: 1 of the board members appointed by the mayor shall serve for 1 year beginning on the second Tuesday in May after the village comes within the provisions of the police pension fund. The other member appointed by the mayor shall serve for 2 years beginning on the same date. The successors to any of the appointed members of the board by the mayor shall serve for 2 years each or until their successors are appointed and qualified. The election of the third and fourth members of the board from the regular police force by the active members thereof shall be held biennially on the third Monday in April, at such place or places in the municipality and under the Australian ballot system and such other regulations as shall be prescribed by the appointed members of the board. All members of the regular police force shall be entitled to vote for the police force members of the board. The fifth member of the board shall be elected by and from among the beneficiaries of the fund who are of legal age. All such beneficiaries of legal age shall be entitled to vote for the member chosen from among the beneficiaries. No person shall be entitled to cast more than 1 ballot at such election. The third, fourth and fifth members of the board shall be elected for a term of 2 years beginning on the second Tuesday of the first May after such election. Upon the death, resignation or inability to act of any elected member of the board, his successor shall be elected for the unexpired term at a special election, to be called by the board and conducted in the same manner as the regular biennial election.
(D) Powers And Duties Of The Board: The board shall have the power and duties as set forth and stated in 40 Illinois Compiled Statutes 5/3-132 through 5/3-140 inclusive; and, in addition, all other powers and duties as granted to said board by the provisions of 40 Illinois Compiled Statutes 5/3-101 through 5/3-152.
(E) Board Members: The board shall hold regular quarterly meetings on the second Tuesday of July, October, January and April annually, and special meetings, as called by the president. At the regular July meeting, the board shall select from its members a president, vice president, secretary and assistant secretary to serve for the period of 1 year and until his respective successor is elected and qualified. The vice president shall perform the duties of the president during any period of vacancy in that office, or during such time as the president is absent from the municipality, or for any other reason is disqualified or by reason of illness or other causes is unable to perform his duties. The assistant secretary shall act for the secretary whenever necessary to discharge the functions of the office.
(F) Fund: The creation of the police pension fund for the village is hereby ratified and confirmed.
(Ord. 80-9-458, passed 9-22-1980; Am. Ord. 81-10-480, passed 10-26-1981)