Officers - Bond of auditor - Compensation. The executive officer, the city auditor, the city attorney, and two persons elected by and from the members of the city employees' pension plan, which persons are currently being assessed, shall constitute the board of trustees for the management of the city employees' pension fund. No member shall be eligible for election until the member has eight years of service as a city employee. The election shall be held on the second Tuesday in June of each year. Each elected member shall serve for a term of two years, except that at the first election one trustee shall be elected for a term of one year and the other for a term of two years. The terms of elected members shall commence on July first of each year. The executive officer shall be the president and the city auditor shall be the treasurer of the board. The faithful performance of the duties of the treasurer shall be secured by that person's official bond as the city auditor. Such trustees shall receive no compensation for their services as members of the board.
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