Trust agreements.
Municipal Code of Chicago § 3-8-080
in effect3-8-080 Trust agreements.
The board of trustees shall enter into a trust agreement in each individual award with the trustee bank named by said board of trustees, under such terms and conditions as the said board of trustees shall deem to be for the best interest of the beneficiary or beneficiaries. Said board of trustees shall also fix the compensation to be paid such trustee bank for its services, such compensation to be an annual amount not to exceed one and one half percent per annum on the original allowance of money in each individual award during the first year of said trust agreement, and one percent per annum on the original allowance of money in each individual award for each succeeding year during the existence of said trust agreement. However, in those cases where the total maximum compensation authorized to be paid per annum to the trustee bank or its services with respect to an award or awards established by the board of trustees as the result of the death of any one policeman or fireman amounts to less than $100.00 per annum, the board of trustees may increase the compensation of the trustee bank to $100.00 per annum for administering any and all awards established as a result of the death of any one policeman or fireman. The compensation paid to the trustee bank shall be a charge against the award as distinguished from a disbursement for the benefit of the beneficiary or beneficiaries. The board of trustees may require at any time a report from the trustee bank as to any trust fund created under this chapter in addition to the annual report of such trustee bank to the comptroller.
(Prior code § 22-8)
Source: City of Chicago, Municipal Code of Chicago (American Legal Publishing, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/chicago/latest/chicago_il/0-0-0-2605880Fetched: 10/24/2026