A. There is hereby created and established a police pension fund and police pension fund board in and for the village of Sugar Grove, Kane County, Illinois, in accordance with 40 Illinois Compiled Statutes 5/3-101 et al (article 3 of the Illinois pension code), as of May 1, 2004.
B. For the purpose of this section the term "police" is defined as full time police officers or full time police officers entitled to participate in the benefits of said pension fund as provided by said article 3 of said pension code.
C. The rights, powers, duties and functions of said 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 article 3 of the Illinois pension code and all amendments thereof.
D. Such board shall be appointed and elected as therein provided; shall exercise such powers and duties that shall be required of them by law. All monies and securities belonging to said fund shall be held by the municipal treasurer subject to the order of the board of the pension fund. An annual list of beneficiaries and report of funds shall be made as required by law. Members of said board of the pension fund shall serve without compensation. (Ord. 2004-02-03B, 2-3-2004)