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A. There is hereby created a Board to be known as the "Police Pension Fund Association Board," consisting of:
(1) The Mayor or his designee.
(2) The City Auditor, formerly known as the "City Controller."
(3) The Finance Director, formerly known as “Director of Accounts and Finance.”
(4) The Chief of Police.
(5) One retiree member of the system to be elected by the members of the retirement system.
(6) One active police person to be chosen by members of the retirement system.
B. The representatives chosen by the members shall be elected for terms of four years. The terms of the members of the Board shall run concurrently with the term of the Mayor.
C. A vacancy in the Board occurring during the term of the representatives elected by the members of the retirement system shall be filled for the unexpired term by members of the retirement system.
D. Board members shall serve without compensation.
E. It shall be the duty of the Board to register all members and to administer the collection and distribution of the fund herein provided for and to make such reasonable rules and regulations as the Board may deem necessary in order to effectuate the provisions to a responsible institution experienced in administering the collection, distribution and investment of pension funds, but in such event the Board shall require any such institution to provide the Board with written reports of its activities relating to the fund at least once every six months.