The Police Pension Board derives its authority from the Illinois Pension Code, Chapter 40 of the Illinois Compiled Statutes for the benefit of the Police Officers, surviving spouses, children, and certain other dependents. This board has 5 members, each serving a 2-year term. Two members are appointed by the Mayor, two members are active participants of the pension fund who are elected from the active participants, and one member who is retired and elected by the retirees.