The rights, powers, duties and functions of said board and the rights and powers of the beneficiaries of the pension fund shall be and are hereby declared to be in accordance with article III of the Illinois pension code and all amendments thereof. Each board member shall perform all such duties as required by law. Board members shall serve without compensation. All monies and securities belonging to the police pension fund shall be held by the municipal treasurer subject to the order and control of the board. An annual list of the beneficiaries and a report of the funds shall be furnished as required by law. (Ord. 1574, 10-26-2011)