A. Fund Established: There shall be a police pension fund established in the village as provided by law. (Ord. 401, 8-15-1955)
B. Board Of Trustees Of Fund:
1. Composition And Term: The board of trustees of the police pension fund shall consist of five (5) members, two (2) appointed by the village president, two (2) elected by the members of the police department, and one elected by the beneficiaries of the pension fund. The elections shall be held biennially on the third Monday in April, and the term of each member shall be two (2) years. (Ord. 401, 8-15-1955; amd. 2016 Code)
2. Meetings: The pension board shall meet at least quarterly as provided by law, and shall hold such additional meetings as may be called by the president of the pension board. (Ord. 401, 8-15-1955)
C. Deposits Into Fund: There shall be deposited in the pension fund the sums required by law, which shall include five percent (5%) per month deducted from the salary of each member of the police force, and the proceeds of an annual tax of not to exceed 0.05 percent which shall be levied; and also three- fourths (3/4) of the dog license fees, all the monies received for special detail of police officers, ten percent (10%) of fines collected for violation of village ordinances, monies received as fines imposed upon police officers, rewards turned over to the pension fund, and ten percent (10%) of the license revenue, exclusive of vehicle licenses, which shall be contributed to the pension fund, as required by statute. (Ord. 401, 8-15-1955; amd. 2016 Code)