There shall be deposited in the Police Pension Fund the sums required by law which shall include those amounts required by the Illinois Pension Code to be deducted from the salary of each member of the police force. There shall also be deposited the proceeds of the annual tax levied by the village. The Board of Trustees shall levy a tax which when added to the deduction from the salaries of the police officers and receipts from other sources will equal a sum sufficient to meet the annual requirement of the Police Pension Fund and of the reserves required therefor, all as provided by the state statute.
('79 Code, § 500(13c)) (Ord. 1981-O-6, passed 4-7-81)
Statutory reference:
Illinois Pension Code; salary deductions, see ILCS Ch. 40, Act 5, § 3-125.1