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.
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.