This section is added to this subpart to transfer all assets and powers of the City of Birmingham Firemen's Pension and Relief Fund created and provided by Act 389, 1935 Regular Session (Acts 1935, p. 847), as amended and restated by Act 307, 1943 Regular Session (Acts 1943, p. 264), as amended by Act 632, 1967 Regular Session, (Acts 1967, p. 1441) to the City of Birmingham Firemen's and Policemen's Supplemental Pension System and to repeal all laws, in conflict herewith. No pension benefits or obligations under the Firemen's Pension and Relief Fund provided by Act 389, 1935 Regular Session (Acts 1935, p. 847), as amended and restated by Act 307, 1943 Regular Session (Acts 1943, p. 264), as amended by Act 632, 1967 Regular Session (Acts 1967, p. 1441), [shall inure to any participants, beneficiaries or retirees of the Supplemental Pension System. Section 6 of Act 632, 1967 Regular Session (Acts 1967, p. 1441), as amended], which amended Act 307, 1943 Regular Session (Acts 1943, p. 264), and created a board of trustees of the firemen's pension and relief fund is hereby repealed and all powers of the board of trustees shall be transferred to the City of Birmingham Firemen's and Policemen's Supplemental Pension System Board of Managers. All obligations of all funding sources provided in Section 10C under Act 389, 1935 Regular Session, (Acts 1935, p. 847), as amended and restated by Act 307, 1943 Regular Session (Acts 1943, p. 264), as amended by Act 632, 1967 Regular Session (Acts 1967, p. 1441), shall continue. The funds paid by the funding source provided in Section 10C of the firemen's pension and relief fund shall become a part of the City of Birmingham Firemen's and Policemen's Supplemental Pension System to be used consistent with subdivision (1) and subdivision (2) of subsection (b) of Section 45-37A-51.03. All other funding sources provided by Act 389, 1935 Regular Session (Acts 1935, p. 847), as amended and restated, are hereby repealed.
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