185.07  Creation and maintenance of fund.--

(1)  The municipal police officers' retirement trust fund in each municipality described in s. 185.03 shall be created and maintained in the following manner:

(a)  By the net proceeds of the .85-percent excise tax which may be imposed by the respective cities and towns upon certain casualty insurance companies on their gross receipts of premiums from holders of policies, which policies cover property within the corporate limits of such municipalities, as is hereinafter expressly authorized.

(b)  By 5 percent of the salary of each full-time police officer duly appointed and enrolled as a member of such police department, which shall be deducted by the municipality and paid over to the board of trustees of the retirement trust fund wherein such police officer is employed, provided that no deductions shall be made after an officer has passed his or her normal retirement date. No police officer shall have any right to said money so paid into said fund except as provided in this chapter.

(c)  By all fines and forfeitures imposed and collected from any police officer because of the violation of any rule and regulation promulgated by the board of trustees.

(d)  By payment by municipality or other sources of a sum equal to the normal cost and the amount required to fund over a 40-year basis any actuarial deficiency shown by a quinquennial actuarial valuation. The first such actuarial valuation shall be conducted for the calendar year ending December 31, 1963.

(e)  By all gifts, bequests and devises when donated for the fund.

(f)  By all accretions to the fund by way of interest on bank deposits or otherwise.

(g)  By all other sources of income now or hereafter authorized by law for the augmentation of such municipal police officers' retirement trust fund.

(2)  Under no circumstances may a municipality reduce the member contribution to less than 1 percent of salary.