Section 13-203. Composition of pension fund

The police pension fund shall
  consist of the following:
    1.  The  capital,  interest,  income,   dividends,   cash,   deposits,
  securities  and  credits  in  such  fund  on  the  first day of January,
  nineteen hundred forty.
    2. All forfeitures imposed by the  police  department,  from  time  to
  time, upon or against any member or members.
    3.  All  rewards, fees, gifts, testimonials and emoluments that may be
  presented, paid or given to any member on account  of  police  services,
  except  such as have been or shall be allowed by the police commissioner
  to be retained by such members.
    4. All moneys received from the property clerk  pursuant  to  sections
  14-140  and  10-106  of  the  code,  and all moneys realized, derived or
  received from the sale of any condemned, unfit or unserviceable property
  belonging to or in the possession or under the  control  of  the  police
  department.
    5.  All  moneys,  pay,  compensation  or  salary, or any part thereof,
  forfeited, deducted or withheld from any member or members on account of
  absence for any cause, lost time, sickness or other disability, physical
  or mental, to be paid semi-monthly by the comptroller to such fund.
    6. All moneys received or derived from  the  granting  or  issuing  of
  licenses to have and possess pistols or revolvers in dwellings or places
  of business, or to have and carry concealed a pistol or revolver in such
  city pursuant to subsection a of section 10-131 of the code.
    7.  All  moneys  received  or  derived from the granting or issuing of
  permits or the granting of permission to conduct masked or  fancy  dress
  balls  in  the  city.  Such balls shall be conducted only upon condition
  that a license fee therefor of not less than five dollars nor more  than
  one  hundred  dollars  shall  first  be  paid to such department for the
  benefit of such fund.
    8. a. A sum of money equal to but not greater than:
    (1) Five per cent. of the semi-monthly pay, salary or compensation  of
  each  member  of the force who shall elect to contribute on the basis of
  retirement after twenty-five years of service in such force, or
    (2) Six per cent. of the semi-monthly pay, salary or  compensation  of
  each  member  of the force who shall elect to contribute on the basis of
  retirement after twenty years of service in such force which  sum  shall
  be  deducted  semi-monthly  by  the comptroller from the pay, salary, or
  compensation of each member and forthwith paid to the board of  trustees
  of  such fund. Every member shall be deemed to consent and agree to such
  deductions and shall receipt in full for  his  or  her  pay,  salary  or
  compensation,  and  payment  less  such  deductions  shall be a full and
  complete discharge and acquittance of all claims and demands  whatsoever
  for  the  services  rendered by such member during the period covered by
  such payment, except his or her claim to the benefits to which he or she
  may be entitled under the provisions of this subchapter.
    b. Each member shall signify in  writing  to  the  board  of  trustees
  within  thirty  days  after  this  section shall take effect, his or her
  election to contribute on the basis of retirement  either  after  twenty
  years of service or after twenty-five years of service.
    c. In the case of a member receiving extra pay, salary or compensation
  for additional duties assigned to him or her, the comptroller shall make
  such  semi-monthly  deductions on the basis of such extra pay, salary or
  compensation unless such member shall signify in writing to the board of
  trustees his or her election to have his or her benefits and obligations
  computed on the basis of the pay, salary or compensation received by him
  or her prior to the time when  he  or  she  first  received  such  extra
  compensation.  Members  who  heretofore  or are now receiving such extra

  pay, salary or compensation shall so signify within  thirty  days  after
  this section shall take effect. Members who hereafter receive such extra
  pay,  salary  or  compensation shall so signify within thirty days after
  the  first  receipt  thereof.  If  any member has or shall have received
  extra pay, salary or compensation for an aggregate of five years or more
  or for the period of time fixed by section  14-114  of  this  code,  the
  comptroller  shall  continue to make such semi-monthly deductions on the
  basis of such extra pay, salary or  compensation,  notwithstanding  that
  such  member  does  not continue to receive it, unless such member shall
  signify to the board of trustees in writing his or her election to  have
  his  or  her  benefits and obligations computed on the basis of the pay,
  salary or compensation actually  received  by  him  or  her.  Additional
  deductions  made  pursuant to this subdivision shall entitle such member
  to a pension on the basis of such extra pay, salary or compensation. The
  provisions of this subdivision shall not diminish or impair the benefits
  provided in subdivision c of section 14-114 of this code.
    9. If the amount derived from the above-mentioned sources included  in
  this  section  shall  be  insufficient  to pay the pensions, allowances,
  benefits and returns of salary deductions which have been or  which  may
  hereafter  be  granted,  it shall be the duty of the police commissioner
  each year at the time of submitting the  departmental  estimate  to  the
  director  of  the budget, to submit a full and detailed statement of the
  assets of such fund and the amount required to  pay  all  such  sums  in
  full. There shall annually be included in the budget a sum sufficient to
  provide  for  such  deficiency.  The  comptroller shall pay the money so
  provided to the board of trustees.
    10. Such board of trustees is authorized, empowered  and  entitled  to
  take  and  hold  any and all gifts or bequests which may be made to such
  fund or to any police pension fund existing prior to the  first  day  of
  January,  eighteen  hundred  ninety-eight  in  any  of the territory now
  constituting the city of New York.
    11. Notwithstanding any other provision of law to the contrary, on and
  after July first, nineteen hundred ninety-five, the composition of  this
  pension  fund shall be as modified by the provisions of section 13-213.1
  of this subchapter.