1. There is hereby authorized a "Sheriffs' Retirement Fund" which shall be under the management of the board as described in section 57.958. The board 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.
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.