Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-03-27
AUTHOR OF BILL BELIEVES PLAN
WILL BE ADOPTED NOW OR
LATER.
WILSON MEASURE CALLS
FOR GRADUATED INCOMES
Pension to Be Based on Length Of Ser
vice and Fund Created by With
holding Per Cent Of Salaries Of All
Teachers in District Asking For
Adoption Of System.

Special to Times Repu blican.
Des Moines, March Ex-senator Will
son, the veteran legislator. has before
the senate a bill which is of great inter
est 10 all the eachers of the state and
because Of this fact has received much
7 consideration He believes that either
now or at some future time the idea
embodied. that of d pension fund for
teachers. will be adopted The bill is
as follows:
Section. l. The state superintendent
Of public instruction. the auditor Of
state and the treasurer Of state shall
constitute astate eachers' board of re-
tirenent. which shall have power to
manage the teachers retirement fund
receive property for such fund and con-
Vert the same into money. and make
all necessary rules and regulations for
carving out the provisions hereof.
Section >. On petition at a majority
of the teachers employed by it, the
board of directors Of any independent
school district may by resolution de-
clare its intent 20 take advantage Of
the provisions Of this act, Such board
shall include in each teachers contract
thereafter made clause providing for
the withholding each year Of a portion
Of the salary of suc', teacher based on
length of service. viz: fifteen years or
less. ! per cent: fifteen TO twenty-five
years , per cent: twenty-five years or
more 3 per cent. The amounts so
Withheld shall ne forwarded semi-an-
nually 10 the auditor OF state for de-
posit with the t-easure OF state az
par IF the current teachers retirement
fund and used only for the payment Of
annui.ies or 20 help create perman-
ent fund TO produce income therefor,
The term of service OF a teacher shall
he understood to begin with the first
year OF teaching ii airy public school.
and 10 include years actually taught in
a school.
Section 3. The board OF retirement
shall. OF application. al the END of any
school year retire on life annuity
any teacher employed by such school
district who has taught not less than
twenty-five years. fifteen Of which shall
have been In the public schools of this
state: provided that such district shall!
have been forwarding 20 such funds for
ct least three years The maximum an
nuity shall not exceed one-half 81 the
annual salary Of the teacher retired for
Ave years preceding retirement. nor ex-
coed $500. nor exceed one-half Of the
total Of the amounts Withheld from the
salary Of such teacher and paid 20 the
said fund. .
Section T. The board Of directors OF
any such district is hereby authorized
20 contribute to The current retirement
fund. Upon making such contribution
such board may retire. for serious
mental OF physical disability, teachers
,vho have had a. least twenty years Of
service. with the rights and subject 10
the conditions hereinbefore provided as
TO teachers voluntarily retiring. Such
board may stipu.ats Iha. portion OF
such contribution shall be used TO in
crease the annuities Of teachers re-
tired by it u specified sum not great
er than one hundred and fifty dollars
(s15o.o0) each as minimum annuity
and the board OF retirement shall carry
out such stipulation. but the sum total
Of all such increases shall in 10 year
exceed the amount so contributed by
such district to the current fund for
that year.
Section 5. .Annuties shall be paid
by The treasurer Of state on warrants
drawn by the auditor Of state on requi-
sition Of the board ot retirement. The
total amount Of all annuities paid dur
ing any one year to teachers retired
from any one district shall! not exceed
the total amount paid 20 the current
retirement fund for that year by the
said district plus a share Of the income
received from the permanent fund dur
ing that year which share shall be in
proportion 70 the years receipts from
that district Whenever such amounts
are insufficient 10 pay such annuities
IN full, the boa I'd shall pay 10 each an
nuitant from that district. proportions
ate amount, 20 be in full for the an
rui.y for that year.
Section 6. Any surplus after pay
rnen- of annui-ies for the year. al con-
| for the first three years. and all gifts,
| grants. devises and oequests 70 such
| fund shall constitute permanent state
reti-enen fund, to De managed and In
vested and guaranteed from loss in the
manner provided for the permanent
school fund OF the state. but 70 be
kept as separate state fund.
/ and the income only thereof shall
be used for the current retirement fund
| for the payment Of annuities. the
| auditor Of state shall annually file
with the executive council a report
| showing the condition Of such fund,
names OF annuitanes and amounts re-
I ceived, and all receipts and disourse-
ments.
| > .on-re-