Such board shall be appointed and elected as therein provided; shall exercise such powers and perform such duties that shall be required of them by law. All monies and securities belonging to said fund shall be held by the municipal treasurer subject to the order of the board of trustees of the pension fund. An annual list of beneficiaries and report of funds shall be made as required by law. Members of said board of trustees of the pension fund shall serve without compensation. (Ord. 95-10, 9-25-1995)