(A) A board of five members shall constitute a Board of Trustees to administer the police pension fund and to designate the beneficiaries thereof. The Board shall be known as the “Board of Trustees of the Police Pension Fund of the City of Waterloo”.
(B) Two members of the Board shall be appointed by the Mayor, one of whom shall serve for one year, beginning on the second Tuesday in May after the municipality comes within the provisions of Article 3 of the Illinois Pension Code, ILCS Ch. 40, Act 5, §§ 3-101 et seq. The other appointed member shall serve for two years beginning on the same date. The successors to each of the foregoing trustees shall serve for two years each or until their successors are appointed and qualified.
(C) Two members of the Board shall be elected from the active participants of the pension fund by such active participants. One member of the Board shall be elected by and from the beneficiaries. The election of these Board Members shall be held biennially on the third Monday in April, at such place or places in the city and under the Australian ballot system and such other regulations as shall be prescribed by the appointed members of the Board.
(D) The active pension fund participants shall be entitled to vote only for the active participant members of the Board. All beneficiaries of legal age may vote only for the member chosen from among the beneficiaries. No person shall be entitled to cast more than one ballot at such election. The term of elected members shall be two years, beginning on the second Tuesday of the first May after the election.
(1993 Code, § 5-3-6) (Ord. 836, passed 4-1-1991)
Statutory reference:
See similar provisions, ILCS Ch. 40, Act 5, §§ 3-101 et seq.