There is hereby created a Police Pension Board of Trustees which shall have all the powers and authorities set for such boards in Indiana Code 36-8-6 (1925 Fund) and 36-8-8 (1977 Fund), and shall bear such duties and responsibilities as are therein set out. The provisions of IC 36-8-6 and IC 36-8-8, as amended, are of full force and effect for the City.
(1) Appointments. The Police Pension Board shall be composed of seven to nine trustees. The Mayor, City Controller, and Police Chief are ex officio members of the Board. A retired Bloomington police officer and three to five active Bloomington police officers shall be elected during a meeting of the members of the police department at the police station on the second Monday in February each year. The Police Pension Board of Trustees as constituted at the time of the effective date of this section shall continue as constituted and the terms of office of the members thereof are unchanged.
(2) Terms. The members of the Police Pension Board of Trustees shall serve three year terms.
(3) Compensation. The Secretary of the Board shall receive compensation for his/her services.
(4) Procedure--Officers. The Mayor shall serve as president of the Board, the City Controller shall serve as treasurer, and the secretary shall be elected by the Board.
(5) Bylaws. The Board shall make its own bylaws.
(6) Police Pension Fund. A police pension fund for the police department in the city is created and established.
(7) Disability Benefits. Every police officer disabled while actively engaged in duty as a police officer, and found by the Board of Trustees of the Police Pension Fund to be disabled, during such period as he is so disabled, shall be entitled to receive a disability benefit according to the applicable state statute. The Controller shall pay such disability benefit claims from the Police Pension Fund. (Ord. 83-6 § 4 (part), 1983).