57.952.  Sheriffs' retirement fund — management — source — effect of insufficient funds on benefits — county payroll deduction. — 1.  There is hereby authorized a "Sheriffs' Retirement Fund" which shall be under the management of a board of directors described in section 57.958.  The board of directors shall be responsible for the administration and the investment of the funds of such sheriffs' retirement fund.  The general assembly and the governing body of a county may appropriate funds for deposit in the sheriffs' retirement fund.  If insufficient funds are generated to provide the benefits payable pursuant to the provisions of sections 57.949 to 57.997, the board shall proportion the benefits according to the funds available.

  2.  The board may accept gifts, donations, grants, and bequests from public or private sources to the sheriffs' retirement fund.

  3.  Each county shall make the payroll deductions for member contributions mandated under section 57.961, and the county shall transmit such moneys to the board for deposit into the sheriffs' retirement fund.