There is hereby established a Board of Trustees of the Police Pension Fund ("Police Pension Board") consisting of five members. Two members shall be appointed by the Village President from among the residents of the Village; two members shall be elected biennially from among the active participants of the Pension Fund by such active participants; and one member shall be elected biennially by and from the beneficiaries of the Pension Fund. Notwithstanding Section
3-1-2(B) of this Code, the elected members of the Police Pension Board need not be residents of the Village.
The Police Pension Board shall have the powers and duties as
provided in Article 3 of the Illinois Pension Code, 40 ILCS 5/3-101
et seq.
The Police Pension Board shall report annually to the Village
Board of Trustees on the condition of the pension fund at the end
of its most recently completed fiscal year, and as may otherwise be
requested by the Village President or Board of Trustees. The report
shall be made prior to the Village Board meeting held for levying
of taxes for the year for which the report is made.