(A) The Louisville Firefighters Pension Fund shall be managed by a Board of Trustees of eight members. The majority of the Board of Trustees shall be comprised of persons receiving pension benefits from the Fire Fighters Pension Fund. A member of the Louisville/Jefferson County Metro Government Council appointed by the President of the Council shall be a member ex officio and seven persons receiving benefits from the Fund shall be elected by all other persons receiving benefits from the Fund who are at least 18 years of age on the date of the election held pursuant to election procedures and policies to be established by the Board of Trustees. All elections will be for four-year terms.
(B) Elected Board members who retain membership in the Fund, shall continue in office until the expiration of their present terms of office. 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 election policies and procedures as 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 said office.
(F) The President and Secretary of the Board of Trustees shall execute bond, in such sum as the Board deems adequate, conditioned that they will faithfully discharge the duties of their offices. The bond shall be filed with the Chief Financial Officer.
(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).
(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 where 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 city, expend for the necessary administrative expenses for 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. 55-2003, approved 4-16-2003; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004; Lou. Metro Am. Ord. No. 102-2006, approved 6-30-2006)