(A) There shall be established and maintained a reserve in the Police Pension Fund, as required by statute.
(B) The Police Pension Board in making its annual report to the Board of Trustees of the village shall designate the amount, calculated as a level percentage of payroll, needed annually to insure the accumulation of the reserve to the level of the fund's accrued liabilities over a period of 40 years from the date of establishment of the Police Pension Fund, so that necessary reserves will be attained over such a period.
Statutory reference:
Similar provisions, see ILCS Ch. 40, Act 5, § 3-127