(A) Board established. There is hereby established the Town of Winamac, Indiana, Police pension Board as provided in I.C. 36-8-8 and 36-8-6-2.
(B) Organization of Board.
(1) The Police Pension Board consists of three members, as follows:
(a) The President of the Town Council;
(b) The Town Clerk-Treasurer; and
(c) The Chief of Police.
(2) Ex officio members. The Town Council President, the Clerk-Treasurer, and the Chief of Police are ex-officio voting members of the Board.
(3) Terms. The terms of the Town Council President, the Clerk-Treasurer, and the Chief of Police will be the same as the term of their respective offices.
(4) Officers. The Town Council President serves as the president of the Board, the Clerk-Treasurer serves as its treasurer, and the Chief of Police serves as the secretary.
(5) Quorum. A majority of the Board's member shall constitute a quorum for transacting business.
(6) Powers and duties. The Board shall have all the powers and duties provided under Indiana Law.
(7) Compensation and reimbursement. The Board members shall not receive payment for their services and shall be paid only their necessary expenses. However, the Town Council President, Clerk-Treasurer and Chief of Police shall be paid their necessary traveling expenses from the 1977 Fund when acting upon matters pertaining to the fund as recommended by the Pension Board and approved by the Metropolitan Police Commission.
(8) Bylaws and rules. The Board may make all necessary bylaws or rules for its meetings and all matters relating to the conduct of its business, and it shall keep and maintain records of its business.
(C) Police Pension Fund.
(1) Establishment of Fund. This is established and created by the Winamac Metropolitan Police.
(2) Source of funds. The source of money in this Fund will be from payroll deductions for the employer's share and employee's share of pension benefits required by participation in the 1977 Police pension Fund and any other money appropriated by the Town Council for this fund.
(3) Use of funds. The money in this fund will be used only for the transfer of money into the 1977 Police Officers' and Firefighter Pension and Disability Fund and other lawful purposes.
(4) Non-reverting fund. This is a non-reverting fund.
(Ord. 17 of 2021, passed 10-11-2021)