The Plan and Fund established by this subchapter shall be funded in the following order:
(A) By payments made by the State Treasurer to the Borough Treasurer from money received from taxes paid upon premiums by foreign casualty insurance companies for purposes of pension retirement for police officers to the extent so designated by the borough from time to time;
(B) By monthly charge against each member of the force in an amount equal to not less than 5% nor more than 8% of his or her compensation. Where positions covered by the Fund are included in an agreement under the Federal Social Security Act, the provisions of 53 P.S. § 772 shall apply. If an actuarial study shows that the condition of the Police Pension Fund is such that payments into the Fund by members of the force may be reduced below the percentage hereinbefore prescribed, or eliminated, and that if such payments are reduced or eliminated, contributions by the borough will not be required to keep the Fund actuarially sound, the Council of the borough may, on an annual basis, by ordinance or resolution, reduce or eliminate payments into the Fund by members of the police force; and
(C) When necessary, by annual appropriations made by the borough.
(Prior Code, Ch. 1, Pt. 6, § 610) (Ord. 2-2001, passed 7-2-2001)