The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05
Approved January 2S, 1913.
NO. 10.
AN ACT TO ESTABLISH THE YER
MONT STATE TEACHERS RE.
TIREMENT FUND.

1t Is hereby enacted by the General
Assembly of the State of Vermont:
Section 1. A permanent fund is
hereby established, to be known as
the vermont State Teachers Retire
ment Fund and hereinafter designat-
ed as the retirement fund. to be held
and administered for the benefit Of
the retired public school teachers Of
the state, in accordance with the pro
visions of this act Said retirement
fund shall consist of:
l. All contributions made by teach
ers. as hereinafter provided.
2. All contributions made by The
Vermont Teachers Retirement Fund
Association, hereinafter referred to.
3. All donations, legacies gifts and
requests which shall be made to such
fund, and all moneys which shall be
obtained from other sources for the
Increase of said retirement fund.
4. Appropriations made by the gen.
eral assembly from time to time TO
carry into effect the purposes OF said
retirement fund, which appropriations
when made shall be added thereto
and administered in the same man.
ner as other moneys belonging to said
retirement fund.
). The income or interest derived
from the investment of the moneys
comprising said retirement fund.
! &c. g Said retirement fund shall
be under the management and con-
! troll of board to be known as the
! Vermont State Teachers Retirement
Fund Board, and hereinafter designat-
ed as the retirement fund board,
which shall consist of the governor,
| the superintendent of education, the
state treasurer and the president of
The Vermont Teachers Retirement
| Fund Association, eX-officio. and one
member of said association to DE
elected by it biennially; the president
of said association and the member
/ to be elected by 1t as hereinabove
provided shall hold Office as members
OF said retirement fund board, for the
term of two years from and after the
first day of January in the year fol-
| lowing their election to said board.
Said association shall fill vacancies
occurring in said board by reason OF
the death, resignation or inability TO
serve of the president of said asso-
citation or of the member elected there
to by said association as above pro-
vided The members of said board
shall serve without compensation. but
shall be entitled TO their actual ex-
penses necessarily Incurred In the dis
charge of their official duties.
Sec 5. Said board Is hereby au-
thorized to receive and administer as
part of said retirement fund, such
moneys as may be turned over to 1t
by said association. A separate ac-
count of such moneys shall be kept.
as we'll as OF all moneys contributed
by teachers as hereinafter provided.
Said board shall certify to the audi
/ tor of accounts, annually in the
month of November, the total amount
of contributions to said fund made by
said association during the last pre-
ceding period of twelve months, as
shown by the books of said board.
Sec. A. The auditor of accounts is
hereby directed to draw an order an
uually in the month of November, for
such sum, not exceeding ten thousand
dollars in any one year. as the treas
urer of said retirement fund board
shall certify TO have been the sum
contributed TO said retirement fund
during the preceding year by said
association. as provided in section 8
of this act.
Sec. 5. The state treasurer shall
be ex-officio treasurer of said board
and custodian of said retirement fund.
and said fund shah be invested only
in those securities in which the trus-
tees of savings bank may invest the
moneys deposited therein.
Sec. G. The income of said retire
ment fund shall be disbursed to the
benefciaries thereof hereinafter spe-
cited under such regulations as shall
be prescribed by. said board; and said
board shall make a detailed biennial
report to the general assembly of its
administration Of said fund and the
disbursement of the income thereof.
Sec. Z. Glass I. A teacher who has
taught in the public schools of the
state not less than twenty-five years,
each year of which consisted of not
less than twenty.eight weeks. of five
days each. shall, upon his retirement
from actual service as such teacher,
be entitled to receive from the In
come of said retirement fund, except
as hereinafter provided. a life annuity
equal to one-half the amount of the
average salary received by such
teacher during the last five years OF
said term OF service; but such sum
shall not exceed FIVE hundred dollars,
Glass .. A teacher who has taught
in the public schools thirty years,
eae..i year of which shall have been OF
the length specified in the last pre-
eeding paragraph. the last twenty
years of which shall have been spent
in teaching in this state, shall receive
from the income of said retirement
fund, except as hereinafter provided
the same annuity as provided for
teachers in class l.
Il Glass 8. A teacher who has taught
in the public schools of this state
! and who. by reason of age or inflrmi
ties. has been incapacitated for fur
Their service in the public schools, shall
be entitled to such aid from the in
core OF said retirement fund, not ex
ceeding the annuity 10 which teach
ers in classes and are entitled as
) hereinbefore provided. as shall be de
J termined, by said board.
r Sec. s. In constituting section Z oil
= this act. principals of schools and
: union superintendents shall be deem
= ed to be teachers. and teachers in nor
NAL schools shall be deemed to bt
teachers in public schools.
Sec. 3. To entitle a teacher to the
benefits Of this act he shall present Il
said board satisfactory proof:
]. That he comes within the pro
visions of section OF this act will
respect to length of service. OF age
OF infirmities and is therefore en-
I titled to be placed upon the teachers