The Police Pension Board is financed through a property tax levy and mandatory employee contributions.

The Board consists of five members. Its composition is mandated by state law. Two active Police Officers are elected by the members of the Police Department and one retired officer or beneficiary is elected by those people receiving pensions. Two members are appointed by the Mayor with the approval of the Village Board of Trustees.

Experience in pension fund administration and handling the investment of large sums of money is highly desirable in members serving on the Board.

Term of office for all members of the Board is two years.

Police Pension Application