The Board of Trustees shall have, in addition to other duties arising out of this subchapter, the following duties:
(A) Establish and maintain an office in the facilities provided by the Metro Government for the meetings of the Board and the keeping of the books, accounts, and records of the Fund; hold regular meetings monthly, and such special meetings as may be deemed necessary; and keep a full record of all of its proceedings, which shall be open to inspection by the public.
(B) Provide for the installation of a system of accounts and records which will give full effect to the requirements of this subchapter; adopt all necessary actuarial tables to be used in the operation of the Fund; and provide for the compilation of such statistical and financial data as may be required for actuarial valuations, periodic surveys, and calculations.
(C) Adopt policy guidelines to comply with Section 401(a) of the Internal Revenue Code, applicable to government pension funds. The policy guidelines shall not be construed to change the benefits otherwise payable under the Louisville Police Pension Fund's plan unless modification is required under Section 401(a) of the Internal Revenue Code.
(D) Obtain such information from the participating members and the Metro Government which may be necessary for the proper operation of the Fund.
(E) Consider and pass on all applications for annuities, benefits, refunds, and other payments, and authorize the expenditures for such purposes, in accordance with the provisions hereof.
(F) Accept any gift, grant, or bequest of any money or property of any kind, for the purposes designated by the grantor if such purposes are specified as providing cash benefits to some or all of the members of annuitants of the Fund. If no such purposes are designated, it shall be credited to the account representing income from investments.
(G) The Board of Trustees shall submit an annual report to the Chief Financial Officer of the Metro Government as of June 30th each year compiled and reviewed by the Metro selected auditors (in conjunction with the annual Metro component unit audits).
(1999 Lou. Code, § 36.121) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 91-2006, approved 6-12-2006; Lou. Metro Am. Ord. No. 118-2011, approved 6-8-2011)