The Washington times., 1916-11-24
Bill Would GO Into Effect on
July !, 1917, II Passed
by Congress.
DEDUCTIONS FROM WAGES
Sums Would Be Used to PGr-
chase Annuities From Fed
eral Government.

L or the retirement OF puDilc lschooi
teachers of the District OF
Columbia.
Re N enacted BY the senate and
House Of Representatives. Of the
United States Of America N Con-
press assent bed. That beginning with
the first day OF July next following
the passage OF this act there shall
he deducted and withheld frorh the
monthly basic salary OF every teach
err In the public schools Of the Dis
trlct OF Columbia an amount COM
puted TO the nearest tenth OF dol
lar that will be sufficient. with In
terest thereon at 4 per centum per
annum. compounded annually. 10 pur-
chase from the United States. under
the provisions OF this act. an an
nuity. payable monthly throughout
life. for every such teacher on ar
rival at the age Of retirement. AZ
herein provided.
Certificate Necessary.
section I. The Secretary OF the
Treasury shall cause to be nled
with the Board OF Education on
October 10 OF each year a certificate
showing the amount OF deduction
To be made from the salary OF each
teacher during the year. which de.
ductlon shall be based on the basic
salary for ia. month OF September,
said deduction to he made In ten
equal amounts. one to be deducted
each school month. except that no
deduction shall be made for the
month OF September. and that for
the month OF October two.tenths
shall be deducted: o similar certlr.
cate shall b. hied not later than
the fifteenth day OF each calendar
month to cover cases OF new rn
trantE. No deduction shall he made
from less than an entire months
salary.
Not over y Per C~at.
The deductions herein provided
for shall. In the ease OF teachers
who are In the service OF the public
schuurs OF the District OF Columbia
at III. time this act goes into eject.
not exceed \ per centum OF the said
basic salary; and shall he based on
such annuity table az the Secretary
Of the Treasury may direct, aud
interest at the rate OF 4 per eenturi
per annum. compounded annually,
and shall be varied yearly TO CORE
Spond To. any change In the basic
salary OF the teacher.
ANY teacher may, on written az.
plicatlon TO the Secretary OF the
Treasury, have the deductions from
his salary based on higher baslc
salary than the minimum OF his
class, provided that the Increased
basis II not greater than the salary
said teacher u receiving,
No basic salary higher than 81 300
shalt be considered.
when the basic salary Is equal
Ia or exceeds $500, the basis upon
which the deductions shall he made
shalt he 81 800.
Money Is Treasury,
See. .. That the amount 80 de.
Quoted and withheld from the basic
salary Of every teacher shall be
DEPOSITED In tho Treasury OF the
United States and shall be credited.
together with interest at 4 per
centum per annum, compounded an.
nuaily. To an individual account sof
the teacher from whose basic salary
the deduction IL made and the Sec
rotary OF the Treasury In hereby
directed to Invest and reinvest such
funds or any portion Of such funds
In any 81 the following securities,
namely: Bonds OF the United
States, bonds or other INTEREST," bear
United States, Or any county or mu.'
nicipal bonds which may be APP
proved by the board OF investment
hereinafter provided for,
The moneys deducted from the
salaries and the income derived
vested. as above described, by the
Secretary OF the Treasury until
paid, as IL hereafter provided.
Paid by Appropriatioa.
Any deficiency In the fund hereby
created to carry out the provisions
OF this act shalI-be paid by appro- 4,
priations for the District OF colum
bia nnder existing law.
For the purpose OF aiding the
Secretary of the Treasury In invest
ing the funds created by this act.
board OF investment IL hereby
created. composed OF the Treasurer
OF the United states, the Comp
troller OF the Currency, the person
appointed by the Secretary or the
Treasurer to enforce, under his di-
rection, the provisions OF this act,
and two persons To be designated
by the Board OF Education from
schools OF the District OF Columbia.
The members OF the board of in
vestment shall be sworn and shall
hold Office until others are ap.
pointed and ..qualihed In their sesd.
Retirement Mt sHty.tws.
Sec. 3. That any Teacher who
shall have reached the age OF
sixty-two years may be retired by
the Board OF Education ON It's own
motion, or shall be retired IL sp.
plication Is made by the teacher:
and that any teacher who shall
have reached the age of seventy