There is hereby created a pension committee which is vested with the power and authority to administer, manage and operate the retirement system, and to interpret and implement the provisions of this article and the ICMA plan and trust. The committee shall consist of five (5) committeepersons as follows:
(a) The Township Treasurer.
(b) Two (2) citizens who are electors of the Township and who are neither a member, retirant, nor beneficiary of the retirement system, to be appointed by the Township Board.
(c) Two (2) members of the retirement system (or one (1) member of the retirement system and one (1) member of the defined contribution plan) to be elected by the members of the system in accordance with such rules and regulations as the committee shall from time to time adopt to govern such elections. No more than one (1) such member committeeperson shall be from the same Township department. Members of the police and fire pension system who are participants in the defined contribution plan are not eligible to serve on the pension committee.