185.11  Funds received by municipalities, deposit in retirement trust fund.--All state and other funds received by any municipality under the provisions of this chapter shall be deposited by said municipality immediately, and under no circumstances more than 5 days after receipt, with the board of trustees. Employee contributions, however, which are withheld by the employer on behalf of an employee member shall be deposited with the board of trustees of the municipal police officers' retirement trust fund at least monthly.