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OFFICE OF THE A’ITORNEY GENERAL OF WXAS . 

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iRISTIN i 

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~.9, D. B. snpp8'~Esooutlvb Saor&tarj 

, yoacber Retlroment Bgdtim of Texas . 

syotom OS tlld Btato 

roximntoly $447,000.00 ~... 

G,OO3.00 th.oroSorc roproaontn ‘a 

char Snviqg~ Pmd, and your opinion ,“, ’ ’ 

oquoatod an tcr’tihetiior or hot this ‘. .;.‘~’ 

profit CM bo oonoizuod to bo lncom althin tho pro- :. -:,“, ’ 

vioibna of Sub Motion 6 dS Seotlon 0 of the .Teao!mr ’ : .’ 

Roilroment Lnw, . a’.’ 

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nIS this profit ..&A ba ‘ao corlatruod ad ~inoomo 

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.’ within t;ho povialanfi OS the Article above roforrod’ :’ .~ 

.to, o&n the pi-oi3.t ‘Won bo diatributtid to the variouo “, 

individual. ~toachoref aooounta in aoaordnnco YI:rith the. 

.proviaiono of SeatTon 0, Sub 8eotion 1 R OS the 

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Toaaher’ notiroxmnt. map ~, :’ ’ I . 1~ ;:z.j,!,;‘: 1 : ‘< 

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-“IS! tine ‘nbok roforrod to profit Q&n not bo ” 

IJO construed, your opMon b further roquootod 

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aa to what diopoeltiun the 6ystom rrhould nnlco . - 

OS the profit.” i 

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’ Repl&g to yo: quootiona 00 quote Sitibaootion 6 of 

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6otlon 8 of the Tonchor Retironont Law, 88 amondod by.& BI .d 

#oe 602, 48th Laglelature, which reade ~au follonsr . ; : . 

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“The fnteroot Fuud %ts hcroby croatcd to Saci’l- ;I. a-; 

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‘: .itata &.a orediling of Interest to the variouo 

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., .._ othor flUl&B. AU i.nccmol intorost and dividondo ’ .I! I:. .- ’ 

.::L.. . . dorivod from ‘tho .doposito and lnvostmonto av.th?r- ‘*. i : ;‘. ,. . “? 

l. lead by. thin bet shall bo pa3.d ,Snto. tho Intoroot ..~. 

Fund. .‘. On00 oath yoar on Aufptet 31, lntoroot shall !. :‘. .’ _ : i. 

. . .bo alloued .and tranaiorred to tho othor Sundrc, rea, in * apootivoly. The Gtato Board of Truetooa shall ‘:i- 

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annually tranefer to the oredlt of tha lntoroclt ” : ., ’ ‘. 

~. ’ re8eaw acoount of the Permanent llotiromont Fun& 

‘all of,ooaa sarniugo after intorost-bear 

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and the Exponae h.n~ have been duly orodl d WA& e . . 2, : 

.Sootion 8, kaboerrtion .i(d) OS the satru) law is br&ht 

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. iorward in Ii. D4 Ro4 ‘602 au Bootion 6, Subaeoti’on l(e) and .Foads .-] ‘-i:“’ 

a0 follors t . . 

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%rront P&root on mombo&t oontrlbutionn’ 

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shrill, be credltod annually auk of Awuet slat and. 

shell .be alloved on the amouut of tho aooumulntod ’ .~, .: ;...’ 

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contributiona standing to the oroait of the mod-’ 

bcr ‘at the bagxnning of the yoar and ohalJ. not bo. 

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allowed for parta of. a year. Following the tarti- : 

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‘._ nation of memborahip in the Rotiremont Syston for ; : .” j . ‘, 

I., thooe momboro who have boon absent from wrvioe for 

, ~Slve (6), gears’ln:any porlod 0s~ iiz (8) oone.goutlva .. .’ I.* :, i., 

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yoara, tho l’oaohcx 

mombcra sha: 

! Saving Fund account or SUCh~ . ~* 

11 bo cloood and warrants oovoring . 

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the total accumulated contributions Bent to thorn .* 

upon tho fi1j.w OS Sowal application. Until’ the . . - 

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. time of payment of such aocumulat.od contrlbutiona, : ’ ’ 

said toaohor ahall rocoivo no lntorost on tln0 

amount duo him under this subeeotlon, and the .’ .’ 

- anwunt shall bo hold in a non-iutarost-boarll * ‘.. 

nocount to bo aot up for suoh purpose.” ‘. 

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Construfng the forogotig quotations Srom, ,tho Teacher .’ 

Rotiromont Lari it Zs our opinion tbat tko profit dcrivod Srom 

&o onlc OS the bonds ;is l%coaio and that l%.should bo paid into 

the Intordat Fund In aobordanoo with tho provlaions of seotion 

e1 subeeotlon 5 OS tha abovo nsentionod lau, and dlstr~butod as 

provided ,in Subooofion l(o) 0S Sootlon 0, of thy o.inonUo$ Act. 

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Yio.c~oloso horaklth a cbpy of Opinion Eumbor 04323, ’ . 

the hot pnragxaph of which opinion construoo “other revonw9 

au m?nnin(l any rovonue earnod by the pormanont nol~ol. fund OS . 

a oounty as a rosnlt of tile ~invontmont of.-the prowodo of t&o 

as10 of ILand belongin& to suoh Sunde. 

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Ke think it is 01e& that profit dori&d from l&o~t.- 

aonts authorA%d by tho MY-~oonstltutea “lnoomo* pnd should bo .? 

paid Pinto. the Dltorost ma, * . 

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