The following information is based upon the May 21, 1973, Village of Milan Board Meeting, Ordinance 675 and Article 3, Chapter 108, Illinois Revised Statutes.
Established in May, 1973, the Police Pension Board in this municipality benefits the policemen of the Village of Milan, their widows, children and certain other dependents required by law. The Police Pension Board shall meet regularly on a quarterly basis. The Board of Trustees shall have the powers and duties to control and manage the Pension Fund, to see fit as they may invest moneys and approve payments. A Police Pension Board must be established for all communities with a population of five thousand citizens or more.
Two (2) members of the Pension Board shall be appointed by the Village President. Two (2) members shall be elected by active members of the Village of Milan regular police force. One (1) member may be retired or a beneficiary of the police pension. Therefore, five (5) members in total may govern the Police Pension Board. Elections shall be held bi-annually on the third Monday in April. The terms of those elected shall commence on the second Tuesday following said election. Each member shall serve for a two (2) year period.