9-923

9-923. Contents of fund; choice of method of
payment by municipality

A. The police pension fund shall consist of:

1. Five per cent of the compensation paid to each member of the department to be
deducted from each salary warrant issued in payment for the services of a member, which
shall be refunded to any member who is discharged or otherwise separated from the
service, with interest at the rate of two per cent per annum.

2. An equal amount to be paid by the city or town in which the pension fund is
established, and not to be refunded.

3. All monies received from fines imposed upon members of the department for
violation of the rules.

4. All rewards given or paid to members of the department.

5. Ten per cent of all monies received from municipal licenses or permit fees for
keeping places wherein spirituous, malt, or other intoxicating liquors are sold in cities
or towns within the provisions of this article.

6. Twenty-five per cent of all monies received from the licensing of pawnbrokers,
second-hand dealers, junk dealers, billiard-hall keepers, pool or pigeon-hole table
keepers and card-room keepers, in cities and towns within the provisions of this article.

7. Twelve and one-half per cent of all monies collected as fines for violating city
or town ordinances in cities or towns within the provisions of this article.

8. Earnings upon the deposit, loan or investment of the fund.

9. Monies received from taxes levied by the state for support of the fund.

10. Contributions which shall be made to the fund by the municipality annually
pursuant to the advice and as recommended by the actuary provided for in section
9-921. The governing body shall provide for the payment of the contributions from the
general fund of the municipality.

B. The governing body may elect to place the percentages of annual monies received
under this section into the general fund of the municipality. If the governing body so
elects, then upon the basis of each actuarial determination and appraisal provided for in
this article, the board shall prepare an estimate of the amounts necessary to be
appropriated by the municipality to provide for the payment in full of all obligations
accruing during the ensuing fiscal year. The governing body shall cause to be included
annually in the budget a sum sufficient to provide for such obligations of the city or
town.

C. The treasurer or other comptroller of the municipality shall pay annually from
the general fund of the municipality such sums into the police pension fund as shall be
determined by actuarial determination.