There shall be in every county a police officers, firefighters, and bandsmen pension system which shall be governed and managed by a board of trustees. In each county the board shall consist of three members, who shall be appointed by the mayor with the approval of the county council in each instance. The terms of office of the trustees first taking office shall expire as designated by the appointing authority at the time of appointment, one after one year of service, one after two years of service, and one after four years of service. The terms of subsequent trustees shall be for four years and until their successors are appointed and qualified except that a person appointed to fill a vacancy caused by death, resignation, or otherwise, occurring prior to the expiration of the term, shall be appointed for the remainder of the term. The appointing authority shall designate one of the trustees as chairperson of the board in each instance. No person shall be eligible for membership or be a member of the board who occupies any elective or appointive office or position under the county government, and no member shall, during the member’s term of office, serve as an officer or committee member of any political party organization, or present oneself as candidate or be a candidate for nomination or election to any public office in any primary or general election. The members of the board of trustees shall serve without pay.

The board may take by gift, grant, devise or bequest any money, choses in action, personal property, real estate, or any interest in anything of value, under the name and style of “The board of trustees of the police officers, firefighters, and bandsmen pension system” of the county in which the board shall be created, and hold the same or assign, transfer, or sell the same whenever proper or necessary under and by such name.

Any county that does not have a constituency for this pension system shall be exempt from these requirements.