The pension commission shall have control and management of the fund and of the retirement of the municipal employees or officers and may make all necessary rules and regulations regarding the same not inconsistent with this article.

All moneys belonging to the pension fund shall be received and paid over to the treasurer of the village whose official bond shall cover the same. All moneys paid out of the pension fund shall be paid by the village treasurer, upon warrants signed by the president and secretary of the pension commission or such other officers as the pension commission shall designate.