185.03  Municipal police officers' retirement trust funds; creation; applicability of provisions; participation by public safety officers.--

(1)  There may be hereby created a special fund to be known as the "Municipal Police Officers' Retirement Trust Fund," exclusively for the purposes provided in this chapter, in each municipality of this state, heretofore or hereafter created, which now has or which may hereafter have a regularly organized police department, which now owns and uses or which may hereafter own and use equipment and apparatus of a value exceeding $500 in serviceable condition for the prevention of crime and for the preservation of life and property, and which does not presently have established by law a similar fund.

(2)  The provisions of this act shall apply only to municipalities organized and established pursuant to the laws of the state and said provisions shall not apply to the unincorporated areas of any county or counties nor shall the provisions hereof apply to any governmental entity whose employees are eligible for membership in a state or state and county retirement system.

(3)  No municipality shall establish more than one retirement plan for public safety officers which is supported in whole or in part by the distribution of premium tax funds as provided by this chapter or chapter 175, nor shall any municipality establish a retirement plan for public safety officers which receives premium tax funds from both this chapter and chapter 175.