Sec. 3. (a) A firefighters’ pension fund to be known as the 1937 fund is established in each unit described by section 1(a) of this chapter.

     (b) The 1937 fund shall be managed by a board of trustees (referred to as the “local board” in this chapter) composed of seven (7) trustees. Two (2) trustees are the executive of the unit and the fire chief, who are ex officio voting trustees. The other trustees are one (1) retired member of the fire department and four (4) active members of the fire department elected for the terms and in the manner provided in this chapter.

     (c) The local board has control of the 1937 fund of the unit. The local board shall manage, use, and disburse the fund for the purpose and in the manner prescribed by this chapter. The local board may adopt and enforce bylaws that do not conflict with this chapter and are considered necessary to enable it to achieve the purposes for which it was organized. Each trustee shall, before entering upon the duties of the trustee’s office, take an oath to faithfully perform the trustee’s duties.

[Pre-Local Government Recodification Citations: subsection (a) formerly 19-1-37-1 part; subsection (b) formerly 19-1-37-2 part; subsection (c) formerly 19-1-37-2 part.]

As added by Acts 1981, P.L.309, SEC.57. Amended by P.L.236-1996, SEC.3; P.L.127-2017, SEC.248.