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.
(A) 
The term of each appointed member of the Police Pension Board shall be two years.
(B) 
The election for Police Pension Board members shall be held biennially on the third Monday in April, at such place or places in the Village and under the Australian ballot system and such other regulations as shall be prescribed by the appointed members of the Police Pension Board.
(C) 
Active Pension Fund participants shall be entitled to vote only for the two active participant members of the Police Pension 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 elections. The term of elected members shall be two years, beginning on the second Tuesday of the first May after the election.
(A) 
If a vacancy occurs on the Police Pension Board for an appointed member, then a successor member shall be appointed in accordance with Section 3-1-2(C) of this Code.
(B) 
Upon the death, resignation or inability to act of any elected Police Pension Board member, his or her successor shall be elected for the unexpired term at a special election, to be called by the Police Pension Board and conducted in the same manner as the regular biennial election.
(A) 
Meetings. The Police Pension Board shall hold annually regular quarterly meetings in July, October, January and April, and special meetings as called by the president of the Police Pension Board.
(B) 
Officers.
(1) 
At the regular July meeting, the Police Pension Board shall select from its members a President, Vice President, Secretary, and Assistant Secretary to serve for one year and until their respective successors are elected and qualified.
(2) 
The Vice President shall perform the duties of President during any vacancy in that office, or during the President's absence from the Village, or if he or she is by reason of fitness or other causes unable to perform the duties of the office.
(3) 
The Assistant Secretary shall act for the Secretary whenever necessary to discharge the functions of such office.
(C) 
Rules of procedure. The Police Pension Board shall have the power to make necessary rules and regulations in conformity with the provisions of the Article 3 of the Illinois Pension Code, 40 ILCS 5/3-101 et seq.
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.