(A) There has heretofore been established a pension fund entitled Louisville Firemen's Pension Fund for the firefighters of the city which is hereby continued and reentitled Louisville Firefighters Pension Fund.
(B) The Metro Council shall insure that all of the assets in the Firefighters Pension Fund are distributed for the purposes stated in this section and only for these purposes. Any pension fund established under the provisions of this section shall be held or distributed for, and only for, any of the following purposes:
(1) Paying pensions under applicable ordinances; and
(2) Transferring of pension assets through investment contract or other financial instrument for the purpose of amortizing unfunded service liabilities.
(C) In the event the Metro Government decides to defer the payment of its alternate participation liability to the County Employees Retirement System pursuant to KRS 95.290(5), the amount of the alternate participation liability shall be transferred to a separate alternate participation fund within the Louisville Firefighters Pension Fund and all income and principal with respect to this fund shall be reserved for payment to the Metro Government. The Metro Government may use any assets distributed to it from this fund to pay its liability to the County Employees Retirement System for alternate participation or, to the extent the fair market value of the assets in the fund exceeds the Metro Government's alternate participation liability to the County Employees Retirement System, the assets may be used by the Metro Government for any other purpose it may elect. The Metro Government shall have the right, at any time, to require the Board to liquidate and transfer, or transfer in kind, any or all of the assets in the alternate participation fund for immediate payment to the Metro Government. No less than annually, the Metro Government shall provide an investment program to the Board regarding the investment of the assets in the alternate participation fund.
(D) Pursuant to §§ 35.180 through 35.183, the members of the Board of Trustees of the Louisville Firefighters Pension Fund shall be indemnified by the Metro Government for any and all claims, liabilities, costs and expenses incurred by them which result from or arise out of their good faith performance of the duties and obligations imposed by the provisions of Chapter 32, including without limitation, any and all claims, liabilities, costs and expenses resulting from or arising out of the Board's following the investment program provided by the Metro Government.
(1999 Lou. Code, § 36.135) (Lou. Ord. No. 43-1974, approved 5-20-1974; Lou. Am. Ord. No. 372-1988, approved 12-30-1988; Lou. Am. Ord. No. 0152-2002, approved 12-26-2002; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 128-2005, approved 8-29-2005; Lou. Metro Am. Ord. No. 102-2006, approved 6-30-2006)