There is hereby created a Firefighters' Pension Board of Trustees which shall have all the powers and authorities set for such boards in IC 36-8-7 (1937 Fund) and IC 36-8-8 (1977 Fund), and shall bear such duties and responsibilities as are therein set out. The provisions of IC 36-8-7 and IC 36-8-8, as amended, are of full force and effect for the City.
(1) Appointments. The Firefighters' Pension Board shall be composed of seven trustees. The Mayor and Fire Chief are ex officio members of the Board. One retired member of the Fire Department shall be elected by the retired members to serve a two year term. Four active members of the Fire Department shall be elected by the active members to serve four year terms. The elections shall be held in the manner prescribed by statute.
The Firefighters' Pension Board of Trustees as constituted at the time of the effective date of this section shall continue as constituted and the terms of office of the members thereof are unchanged.
(2) Procedure--Officers. The Fire Chief shall serve as president of the Board and the secretary shall be elected according to statute.
(3) Bylaws. The Board shall adopt its own bylaws.
(4) Firefighters' Pension Fund. A Firefighters' Pension Fund for the fire department in the city is created and established. (Ord. 83-6 § 4 (part), 1983).