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Boards, Commissions & Committees
Police Pension Fund
The Fund is governed by a Board of Trustees consisting of two officers elected by active officers, a retiree elected by retirees, and two citizens of Westmont appointed by the Mayor. The terms of the two active officer trustee positions run for two years and are currently staggered (one expires each year), Elections are held on the first Tuesday of April. The Trustees have a fiduciary responsibility to govern the Fund in a prudent manner within the requirements and limitations of Illinois law. Meetings are held quarterly and are open to the public except when personnel matters are discussed, as allowed by Illinois law. Trustees may not be paid for service as Trustees to the Fund.
Final administrative decisions of the Board of Trustees are subject to judicial review under the Illinois Administrative Review Law.
Role of the Illinois Division of Insurance.
The Division of Insurance is authorized under the statutes to create rules governing pension administration, to regulate public pension funds, to audit public pension funds, and to report to the Legislature as to the valuation of these funds. They may be contacted at the Public Pension Section, Illinois Division of Insurance, 320 W. Washington St., Springfield, IL 62767. More information can be found on their
Role of the Village of Westmont.
The Westmont Village Treasurer is the Treasurer of the Police Pension Fund and is responsible for the collecting of funds, disbursing of pensions, and custodianship of invested funds. The Mayor and Village Board levy local taxes to support police pensions. Although the Westmont Police Pension Fund is an autonomous entity, the Pension Board of Trustees by practice adopts Village policies regarding accounting records, personnel policies, budgetary practices, training reimbursement, expense reimbursement, and similar rules and regulations. The Fund and the Administrative Division of the Westmont Police Department and the Office of the Village Manager attempt to coordinate any pension matters when possible to serve the best interest of active and retired officers pursuant to the Illinois pension laws.
Role of Professional Consultants.
To assist the Board of Trustees in carrying out their duties, the Fund retains a qualified actuary, certified public accountant, investment managers and independent legal counsel.
Village of Westmont
31 W. Quincy St., Westmont, IL 60559
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