There is hereby authorized a “Prosecuting Attorneys and Circuit Attorneys’ Retirement Fund” which shall be under the management of a board of trustees described in section 56.809. The board of trustees shall be responsible for the administration of such prosecuting attorneys and circuit attorneys’ retirement fund. If insufficient funds are generated to provide the benefits payable pursuant to the provisions of sections 56.800 to 56.840, the board shall proportion the benefits according to the funds available. The prosecuting attorneys and circuit attorneys’ retirement fund shall be a body corporate and may sue and be sued, transact business, invest funds, and hold cash, securities, and other property.