(A) The plan set forth hereunder shall be used as a basis for granting future benefits to retired members and their dependents and beneficiaries who are eligible for benefits under the Louisville Firefighters Pension Fund hereinafter referred to as the "Fund".
(B) (1) Each year the Fund Actuary shall complete the regular actuarial valuation of the Fund. The effective date of the valuation shall be January 1.
(2) By April 1 of each year, the Pension Board of Trustees shall submit a copy of its annual actuarial report as of January 1 of that year, prepared in compliance with all applicable state laws, to the Louisville Metro Chief Financial Officer.
(C) The assets of the Louisville Firefighters Pension Fund shall be used exclusively for the benefit of the Fund members and their beneficiaries who are eligible to receive benefits under the Fund. Such assets shall include those formerly referred to by ordinance as the "Cumulative Pension Reserve Account", the "Excess Cumulative Pension Reserve", and the "Surplus Pool".
(D) Effective July 1, 2006, and on July 1 of each year thereafter, a recipient of a retirement allowance under Louisville Metro Code of Ordinances Chapter 32 shall have his or her retirement allowance increased by the percentage increase in the annual average of the consumer price index for all urban consumers for the most recent calendar year as published by the Federal Bureau of Labor Statistics, not to exceed 5%. In determining the annual employer contribution rate, only the cost of increases granted as of the most recent valuation date shall be recognized. The benefits of this subsection as provided on July 1, 2005, and thereafter shall not be considered as benefits protected by the inviolable contract provisions referenced in KRS 78.852. The Metro Council reserves the right to suspend or reduce the benefits conferred in this subsection if in their judgment the welfare of the Metro Government so demands.
(1999 Lou. Code, § 36.155) (Lou. Ord. No. 174-1989, approved 6-15-1989; Lou. Am. Ord. No. 153-1994, approved 9-13-1994; Lou. Am. Ord. No. 41-1998, approved 3-2-1998; Lou. Am. Ord. No. 91-1998, approved 5-4-1998; Lou. Am. Ord. No. 191-1998, approved 8-31-1998; Lou. Am. Ord. No. 164-2000, approved 12-7-2000; 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)