The police pension board consists of five members. Of these members, two shall be appointed by the village president, serving a term of two years each; two shall be elected from the regular police force of the village, and one shall be elected from the beneficiaries of the pension. Each member shall serve for two years and elected members shall be selected in the manner provided by law.

It is the duty of the members of the police pension board to manage, invest, and control the police pension fund and all moneys pertaining thereto in the manner provided by statute and to pay beneficiaries as provided by statute.