(A) There is hereby created and established a Police Pension Fund in and for the Village of Roscoe, Winnebago County, Illinois, in accordance with Article 3 of the Illinois Pension Code.
(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 that Pension Fund.
POLICE. Full-time police officers or full-time police officers entitled to participate in the benefits of this Pension Fund as provided by Article 3 of the Illinois Pension Code.
(C) The rights, powers, duties, and functions of this Board 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 of Article 3 of the Illinois Pension Code and all amendments thereof.
(D) This Board shall be appointed and elected as therein provided; and shall exercise such powers and perform such duties that shall be required of it by law. All monies and securities belonging to the Fund shall be held by the Village 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.
(Ord. 1996-40, passed 7-3-1997)
Statutory reference:
Police Pension Fund, Article 3 of the Illinois Pension Code, see ILCS Ch. 40, Act 5, §§ 3-101 et seq.