(A) The officers of the Board shall consist of a Chairman and Vice Chairman. Except as otherwise provided in § 32.130(B), the present officers shall continue in office until the expiration of their present terms of office. The Chairman shall be the chief executive officer of the Board, shall preside at all meetings, and shall appoint all necessary Committees. The Vice Chairman shall serve as Chairman in the absence of the regular Chairman.
(B) The Board may engage agents or employees to carry out its purposes and functions, and shall by resolution specify the duties of such agents or employees.
(C) The Board shall have power to employ legal counsel to advise the Board on all matters pertaining to the Fund involving suits or actions at law, and on any questions of interpretation of the provisions hereof.
(D) The Board shall have power to employ an actuary to advise it in matters relating to the technical aspects of operations of the Fund, to assist in the preparation of the periodic financial reports, to determine rates of Metro Government contribution, and to make periodic analyses of the operation of the Fund. At least once every five years an actuarial survey and investigation shall be made of the operating experience of the Fund, including a study of the rates of mortality, disability, retirement, separations from service, and other essential factors. The actuary shall recommend all mortality and interest tables to be adopted by the Board.
(E) The Board shall establish rules and regulations to implement the provisions of this subchapter which shall not be inconsistent herewith.
(F) Corporate trustees shall be employed to act as custodians of the Fund under the supervision and direction of the Board. The trustees shall, subject to investment guidelines established by the Board, invest the reserves of the Fund, in excess of current disbursement requirements, in securities suitable for the investment of trust funds under the laws of Kentucky. The corporate trustees may also be authorized to make payments to the retired members who are certified to it by the Board, such payments to be in accord with the provisions of this subchapter and as directed by the Board. Periodic reports shall be rendered by the trustees concerning the operations of the trust.
(G) The Board shall also have authority to expend money for medical advice and assistance in the administration of the disability provisions of this subchapter, and for any other reasonable expenditure deed by it necessary to the achievement of the purposes set forth herein.
(1999 Lou. Code, § 36.122) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 298-1983, approved 11-4-1983; Lou. Am. Ord. No. 169-1985, approved 7-12-1985; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 91-2006, approved 6-12-2006)