(a) There is created the Georgia Class Nine Fire Department Pension Fund. The board of trustees of the Georgia Firefighters' Pension Fund created by Chapter 7 of this title shall serve as the board of trustees of this pension fund.

(b) The board shall have the following powers and duties:

(1) To provide for the payment of administrative expenses;

(2) To rule upon all applications for pensions;

(3) To provide for the payment of pensions;

(4) To provide for the collection of all revenue under this chapter;

(5) To make all necessary rules and regulations not inconsistent with the laws of this state for the governing of this retirement fund;

(6) To prescribe rules and regulations of eligibility of persons to receive pensions under this chapter;

(7) To expend funds in accordance with this chapter; and

(8) To exercise all other powers necessary for the administration of the fund.

(c) The board shall have the full power to invest and reinvest such funds subject to all the terms, conditions, limitations, and restrictions imposed by Article 7 of Chapter 20 of this title, the "Public Retirement Systems Investment Authority Law." The board may combine such funds with the funds of the Georgia Firefighters' Pension Fund created by Chapter 7 of this title for investment purposes only.

(d) The board is authorized to employ agents, including, but not limited to, banks or trust departments thereof, and to contract for the services of such agents as investment advisers and counselors, in making recommendations for investments, and in making investments, if the board so authorizes.

(e) The Board of Trustees of the Georgia Firefighters' Pension Fund may charge to this pension fund any administrative expenses, exclusive of benefit costs, which such board of trustees pays on behalf of this pension fund. Such board of trustees shall have complete discretion to determine a method of apportioning such costs between such pension fund and this pension fund, and the board's good faith determination shall be conclusive.

(f) Where funds of the fund are combined with the funds of the Georgia Firefighters' Pension Fund for investment purposes, then gains, losses, income, transaction costs, investment adviser fees, and other matters with respect to such combined investments shall be allocated in such manner as the board determines is fair and equitable to each fund. The board's good faith determination shall be conclusive.