(A) The responsibility for the proper operation of the Fund and the direction of its policies shall be vested in a Board of Trustees of six members. The majority of the Board of Trustees shall be comprised of persons receiving pension benefits from the Policemen's Retirement Fund. The Board of Trustees shall consist of a member of the Louisville/Jefferson County Metro Government Council ex officio to be appointed by the President of the Council and five members of the Fund, all of whom shall be elected by the members and widows and widowers of members pursuant to election procedures and policies to be established by the Board of Trustees. All terms of office shall be for a term of four years. Vacancies in the offices of appointive members shall be filled by the appointing authority for the unexpired portion of the term of office.
(B) In the event of a vacancy of an elected member, the Board of Trustees may fill the vacancy until the next regular election, when a member shall be elected to fill the vacancy. The election shall be conducted pursuant to the election policies and procedures established by the Board of Trustees.
(C) The Board shall manage and control the Pension Fund and all related matters and shall use and disburse the funds in accordance with this subchapter and the act of the General Assembly authorizing this subchapter.
(D) The Board may adopt and enforce bylaws consistent with this subchapter and the act of the General Assembly authorizing this subchapter.
(E) Each of the trustees shall, before entering on the duties of his or her office, take an oath to faithfully perform the duties of his or her office.
(F) The Chairman and Vice Chairman of the Board of Trustees shall execute bond, in such sum as the Board deems adequate, conditioned that he or she will faithfully discharge the duties of his or her office. The bond shall be filed with the Chief Financial Officer.
(G) The Board of Trustees shall file with the Chief Financial Officer a complete report of the condition of the Policemen's Retirement Fund as of June 30 of each year.
(H) To be effective, an action of the Board of Trustees shall require only a simple majority of the votes cast, at a properly convened meeting of the Board of Trustees at which a quorum is present, with a quorum being a majority of the members of the Board of Trustees.
(I) The Board of Trustees may, from funds appropriated annually by the Metro Government, expend for the necessary administrative expenses of the Fund, including but not limited to expenses for investment services, medical, actuarial, accounting, corporate custodian, and legal or other professional services, the amount the Board of Trustees deems proper.
(Lou. Metro Ord. No. 57-2003, approved 4-16-2003; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 91-2006, approved 6-12-2006)