Ind. Code § 36-8-6-2 – Creation of fund; management by board of trustees; selection and compensation of trustees

(a) A police pension fund to be known as the 1925 fund is established in each municipality described in section 1(a) of this chapter.
(b) The 1925 fund shall be managed by a board of trustees (referred to as the "local board" in this chapter) having at least seven (7) but not more than nine (9) trustees, as follows:
1. (1) The municipal executive, the municipal fiscal officer, and the police chief, who are ex officio voting members of the local board.
2. (2) One (1) retired member of the police department.
3. (3) At least three (3) but not more than five (5) active members of the police department.
  However, in cities where there are not sufficient members of the police department to appoint a local board consisting of at least five (5) trustees, the local board may be composed of three (3) trustees, those being the executive, the fiscal officer, and the police chief.
(c) After the local board receives the report described in section 3(f) of this chapter, the trustees under subsections (b)(2) and (b)(3) shall be elected at the next meeting of the members of the police department at the central police station. The trustees are elected for terms of three (3) years, succeeding those trustees whose terms of office expire on that date. The trustees hold their offices until their successors are elected and qualified.
(d) If a vacancy occurs on the local board among those trustees elected by the police department, the police department shall, within a reasonable time, hold a special meeting upon the call of the municipal executive and elect a successor for the remainder of the trustee's term.
(e) A majority of all the trustees constitutes a quorum for the transaction of business.
(f) The trustees receive no pay for their services and shall be paid only their necessary expenses. However, the trustees, the secretary, and each member of the police department selected by the local board shall be paid their necessary traveling expenses from the 1925 fund when acting upon matters pertaining to the fund.
(g) The local board may make all necessary bylaws for:
1. (1) meetings of the trustees;
2. (2) the manner of their election, including the counting and canvassing of the votes;
3. (3) the collection of all money and other property due or belonging to the 1925 fund;
4. (4) all matters connected with the care, preservation, and disbursement of the fund; and
5. (5) all other matters connected with the proper execution of this chapter.
  [Pre-Local Government Recodification Citation: 19-1-24-1 part.]
  As added by Acts 1981, P.L.309, SEC.55. Amended by Acts 1981, P.L.44, SEC.58; P.L.236-1996, SEC.2; P.L.173-2003, SEC.32; P.L.72-2018, SEC.18.