The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1904-12-17
Re ETIRINC FUND TO
Be PROBED
Principal Bissell of New
ark Tells Why He Asks
for An Investigation
QUESTION OF soLVENcY
State Teachers Association
Will Take Up the Subject
at This Months Meet-
ing.
QUESTION OF SOLVENCY

So much has been said recently con-
cerning the solvency of the teachers ne
tirement fund that some of those who are
deeply interested i'll that institution have
determined that the condition of the fund
shall be thoroughly investigated and the
question whether it is bankrupt or in
danger of bankruptcy or not be definitely
ascertained. With this end in view,
Principal Thomas j Bissell, of the Charl-
ton Street School, Newark, a prominent
member of the fund and of the New Jer-
sey State Teachers Association, has sent
to the members of the organization cir
cular setting forth that at the annual
meeting to be held in Trenton December
27, % and % he will introduce a resolu-
tion asking for the appointment of COM
mittee to investigate the fund
This is not a malicious attack upon
| the fund, said Mr.. Bissell, in talking
about his circular, for no one is more in
terested in it than l am. i am a mem
ber of it and as desirous as any to see
| it placed upon and maintained on a sound
healthy basis. But as SO many inquiries
concerning its solyency have been made
that the time has come when the exact
condition of the fund should be deter
mined. Any fund that is safe and sound
can stand an examination, and if the in
vestigation shows that the retiring fund
is perfectly solvent it will greatly benefit
it and add to it many new members
From its very beginning the teachers
retirement fund has been looked upon by
some practical men of affairs as a not al
together sound business proposition. It
was established by an act of the LegisIa-
ture, passed March H. 1896, but was not
approved by Governor Griggs and be-
| came operative without his signature.
The act creating it was a supplement to
the school act and has been Incorporated
in school act and has been incorporated
in the general school laws which have
been passed since then. This has led
| many people, as well as teachers through
| out the State institution and that the
State is morally bound to see that it is
maintained on sound financial basis.
This belief is strengthened by provision
of the act that the State Treasurer shall
be- ex-officio, treasurer of the fund. shall
receive all its moneys and pay them out.
The fund is managed by a board of
trustees consisting of the State superin-
tendent of schools, three members of the
State Board of Education and three
members of the New Jersey State Teach
ers' Association. The actual fund is
raised by levy of one per cent. on all
annuities and the income from perma-
nent fund derived from the proceeds of
fairs and entertainments given by the
teachers who complied with the provis-
ions of the act, by a levy of one per cent.
on all annuities and the income from a
permanent fund derived from the pro-
ceeds of fairs and entertainments given
by the teachers, by donations and the like
which fund now amounts to about $75,-
000 Those who consider that the fund
is in an unsatisfactory condition say that
the figures show that the average salary
paid to teachers in this State is 5000,
while the average annuity is $500. The
teachers Of the State. who are members
of the fund amount to, in round NUM-
bers, about 4,000 or about one-half of
the whole number employed, according to
figures available at the beginning of the
present year.
From these figures it is argued that the
Iunu can pay anhutles IN the proportion
|of one annuitant 70 every fifty teachers
belonging to it,and contributing each one
per cent on the average salary, or Sc
year. Taking 1000 as the number of
the teachers in the fund, it is seen that
the number of annuitants which can be
maintained on the basis is eighty. The
number of annuitants which can be main
tained by those who were already annuit-
ants at the beginning of the present year
is about fonr, and it is calculated that
when the expenses Of conducting the fund
are deducted from the income derived
NO PLACE LIKE FLORIDA.