A. Fund Created: There shall be a Police Pension Fund established in the City as provided by law.
(1980 Code § 8-1)
B. Board Of Trustees Of Fund: The Police Pension Fund shall be administered by a Board of Trustees. The Board of Trustees of said fund shall consist of five (5) members, of which two (2) trustees shall be appointed by the Mayor, two (2) trustees shall be elected by members of the Police Department, and one trustee shall be elected by the beneficiaries of the Pension Fund. The election shall be held on the second Monday in April, and the term of each member shall be for two (2) years; except, that on the initial appointment and election of trustees, where more than one trustee is to be appointed or elected, one shall be appointed or elected for a one-year term and one shall be appointed or elected for a two-year term. The Pension Board shall meet at least quarterly, and shall hold such additional meetings as shall be called by the President of the Pension Board.
(Ord. 2424, 9-23-2014)
C. Contributions To Fund: There shall be deposited in the Pension Fund the sums required by law, which for the present includes 9.91% of the salary per month deducted from the salary of each member of the police force, and the proceeds of an annual tax to be levied upon all the taxable property in the City at the rate one dollar ($1.00) on all such taxable property, which annual tax shall produce an amount which, when added to the deductions from the salaries or wages of the police officers and the receipts available from all other sources, will equal a sum sufficient to meet the annual requirements of the Pension Fund. If the Pension Funds on hand equal or exceed the reserve required by law, no annual tax need be levied.
(1980 Code § 8-3)
D. Extension Of Benefits Of Fund: All members of the City Police Department, who are appointed or appointable by the Board of Fire and Police Commissioners, shall be entitled to the benefits of the Police Pension Fund under the following conditions:
1. Those members who, under statutory provisions, appear not to be entitled to the benefits of said fund shall, nevertheless, by this section, have and receive the same pension benefits and make the same pension contributions as the other members of the police force receive and make, who, under statute, are entitled to the benefits of the Police Pension Fund.
2. It is the intention of this section to waive the age requirements of the statute as to those police officers who, under the statute and on account of age, would not be entitled to the benefits of the Police Pension Fund.
3. The benefits of the police officers covered by this Code shall be governed by the Statutes of the State of Illinois, excepting, however, those statutory provisions which deny pension benefits on account of the age of the police officer when employed.
4. As to those police officers now employed who appear not to be entitled to the benefits of the Police Pension Fund, no contributions shall be required of them on their services rendered prior to the date of the adoption of this Code. The first contribution to be required of them shall be for the first pay period accruing after the date of the adoption of this Code.
5. The police officers whose pension coverage is provided by this Code, shall have, however, the option and privilege to pay into the Police Pension Fund, within three (3) years from the date hereof, contributions, without interest, on one or more years past service, so as to provide such pension coverage as they may wish at the time of their retirement.
(1980 Code § 8-4)