Lake Forest's Board was established by City ordinance in 1941. The Board consists of five members. Its composition is mandated by State laws. Two active police officers are elected by members of the Police Department and one retired office is elected by policeman receiving pensions. Two members are appointed by the Mayor, subject to the approval of the City Council.
Term of office is two years.
The Fund is financed primarily through a property tax levy with supplemental mandatory employee contributions. Experience in handling and investing large sums of money is highly desirable in members appointed to the Board. The Board meets as needed.