(A) There is hereby created and established a Police Pension Fund in and for the City of Monticello, Piatt County, Illinois, in accordance with Article 3 of the Illinois Pension Code, ILCS Ch. 40, Act 5, §§ 3-101 et seq., and a Board of Trustees for the Fund, to administer the same and designate the beneficiaries thereof.
(B) For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BOARD or BOARD OF TRUSTEES. The Board of Trustees of the Pension Fund.
POLICE. Full-time police officers or full-time police officers entitled to participate in the benefits of the Pension Fund, as provided by Article 3 of the Illinois Pension Code.
(C) The rights, powers, duties, and functions of the Board of Trustees and the members thereof, and the rights and benefits of various beneficiaries of the Pension Fund, shall be and are hereby declared to be in accordance with the law and particularly of Article 3 of the Illinois Pension Code, and all amendments thereof.
(D) The Board of Trustees shall be appointed and elected as provided in the Article 3 of the Illinois Pension Code, and shall exercise such powers and perform such duties as shall be required of it by law. All monies and securities belonging to the Police Pension Fund shall be held by the City 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 the Board of Trustees of the Pension Fund shall serve without compensation.