There is hereby established a Board of Managers which shall consist of the City Manager, the Director of Finance, the City Clerk, the Director/Chief of Fire and two members of the Fire Department to be chosen by the members of the Fire Department. The two members chosen by the Department shall serve for four-year terms, one to be chosen every two years. In the case of a vacancy among the members of the Board chosen by the Department, a successor shall be chosen for the unexpired term. The Firemen's Pension Fund shall be applied, under such regulations as the Board prescribes, for the benefit of those members of the Department who receive an honorable discharge therefrom by reason of service and age or disability and for the benefit of the families of members who are killed in service. All pensions that are allowed to those who are retired by reason of disability or service and age shall be in conformity with a uniform scale. Benefits allowed from such Fund to families of members who are killed in service shall take into consideration the member's widow or widower and his or her children under eighteen years of age, if any survive.