The Village of Bradley Firefighter's Pension Fund was established for the benefit of its full time firefighters and of their surviving spouses, children and certain other dependents, as required by state statute. The Bradley Firefighter's Pension Fund Board consists of 5 members: two appointed by the Village President; two members are active participants of the pension fund who are elected from the active participants of the fund; and one member who is a retired member of the fund or, if there are none or they are unable to serve, an additional active firefighter elected from the active participants. All moneys and securities belonging to said fund shall be held by the municipal treasurer subject to the order of the board of trustees of the pension fund. An annual list of beneficiaries and report of funds shall be made as required by law. The members of the Bradley Firefighter's Pension Fund board of trustees serve without compensation.