(A) There is hereby created and established a Firefighters’ Pension Fund in and for the city in accordance with ILCS Ch. 40, Act 5, §§ 4-101 et. al.
(B) For the purpose of this section, the term FIREFIGHTERS is defined as full-time firefighters or full-time firefighters entitled to participate in the benefits of the Pension Fund as provided by Article 4 of the Illinois Pension Code (ILCS Ch. 40, Act 5, §§ 4-101 et. al).
(C) For the purpose of this section, the term BOARD or BOARD OF TRUSTEES is defined as the Illinois Board of Trustees of the Pension Fund.
(D) The rights, powers, duties and functions of the Board of Trustees and the members thereof, as such, and the rights and benefits of the various beneficiaries of the Pension Fund, shall be and are hereby declared to be in accordance with the law, and particularly with Article 4 of the Illinois Pension Code and all amendments thereof.
(E) The Board of Trustees shall be appointed and elected as therein provided, and shall exercise such powers and perform such duties that shall be required of them by law. All monies and securities belonging to the Fund shall be held by City Treasurer, subject to the order of the Board of Trustees of the Pension Fund, and an annual list of beneficiaries or reports of funds shall be made as required by law. Members of the Board of Trustees of the Pension Fund shall serve without compensation.
(F) All necessary amendments will be made to the fiscal year 2016 budget.
(Ord. 3891, passed 7-20-2015)