Pursuant to I.C. 36-8-7-3 there is established a 1937 Firefighter's Pension Fund and a local Board of Trustees to manage, use, and disburse the fund for the benefit of those firefighters, either active or retired, who were hired prior to May 1, 1977 and are not otherwise members of the 1977 Police Officers' and Firefighters' Pension and Disability Fund.