Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1919-04-23
NO. 81
AN ACT TO ESTABLISH T. :E
VERMONT TEACHERS RETIk r
MENT SYSTEM.

NENMON E.hSI1ENO NE In '
MENT SYSTEM.
1t is hereby enacted by the General
Assembly of the State of Vermont:
Section I. Definitions. The follow
ing words and phrases as used in this
act shall have the following meanings
G Teacher" shall mean any
teacher, principal, supervisor or super
employed in public day
school within the state.
(2) Public school, shall mean any
day school conducted within the state
under the authority and supervision oil
a duly elected board of school direc-
tors.
CD Year" as used in this act refer.
ring to the term of school service of q
teacher shall mean the same as "schoo
year," as defined in the general laws Of
the state at the time when the school,
service in question was rendered, pro.
vided, however, that the retirement
board may in special cases determine
what school service shall constitute the
equivalent of a specified period of serv.
ice under this act.
cd Interest" unless herein other.
wise provided shall mean compound in.
terest at such rate as shall be determined
by the retirement board.
60 Wherever the word che" ap.
pears it shall be taken to apply tc
females as we'll as males.
Sec. 2. Teachers Retirement Sys.
TEN. The Vermont teachers retirement
system, hereinafter called the retire
ment system, is hereby established, tc
become effective on July first, nineteen
hundred and nineteen.
Sec. 3. Teachers Retirement Asso
citation. An association to be known
as the Vermont teachers retirement
association, hereinafter called the re-
tirement association, may be organized
by and among the teachers in the pub
lie schools of the state. Membership If
said association may be acquired under
the following conditions:
All teachers who shall serve in tn,
public schools on or after July first
nineteen hundred and nineteen, may be-
come members of the association, upor
application to and approval by major,
ity of the retirement board and undel
such rules and regulations as it may
prescribe.
Sec. a. Organization. The teacher,
WAS NSohS " OCSOulC IuCLAUClo "a ulS
retirement association shall, as soon a.
may be after July first, nineteen hundred
and nineteen, adopt such form of organ
ization for said association as shall b,
prescribed by the commissioner of edu
cation, the state treasurer and the in
surance commissioner and thereafter
such organization shall be maintained
for the purposes herein contemplated
with such notifications thereof as ma,
be adopted from time to time by tn,
members of the association with the ap
prevail of the retirement board.
Sec. 5. Teachers Retirement Board
The administration of the retireinen
system hereby established is hereb,
vested in a board to be known as tn,
teachers retirement board, herein callet
the retirement board, consisting of fv,
members, as follows: The commissions
of education, the state treasurer, thu
insurance commissioner and two mem
bers of the retirement association. Upoi
the organization of said association tn,
members thereof shall elect from amonJ
their number, in manner to be approved
by the commissioner of education, tn,
state treasurer and the insurance com
missioner, two persons to serve upon tn
retirement board, one member to serv,
for one year and one for two years; ant
thereafter the members of the retire
ment association shall elect annual,
from among their number, in a manne
to be approved by the retirement board
one person to serve on said board TO
the term of two years.
Until the organization of the retire
~. -. Il
representatives therefrom to member
ship on the retirement board, the com
missioner of education, the state treas
urer and the insurance commissions
shall be empowered to perform all tn
duties of said board
When 4 vacancy occurs in the retire
ment board by reason of the death, resig
nation or inability to serve of one o
the members chosen by the retiremen
association such vacancy shall be fille'
for the unexpired term by the election
of new member of said association, a
meeting duly called for that purpose
The members of the retirement boar
shall serve without compensation, bu
they shall be reimbursed for all neces
sary expenses which they may sustain
through their service on the board. Al
claims for such reimbursement shall b
subject to the approval of the audito
of accounts.
Sec. 6. General Duties. The retire
ment board shall provide for the pay
ment of retirement allowances and sucl
other expenditures as are prescribed b.
this act, and shall perform such othe
functions as are required for the execu
ton of the provisions hereof; and t.
that end said board shall make bylaw
and regulations not inconsistent with tn
provisions of this act, shall employ
secretary, whose duty it shall be to kee)
a record of all its proceedings, and shal
provide such other clerical assistance a
may be necessary for the discharge o
the duties prescribed hereunder.
Sec. 7. Administrative Duties. Tn
retirement board shall adopt mortalit
tables for the retirement system hereb
created, and, except as herein otherwis
provided, shall determine what rates o
interest shall be established III connec
ton with such tables or otherwise unde
the provisions hereof Said board ma.
modify such mortality tables or adop
others, and may change rates OF interes
once established, unless otherwise pro
vided herein, but not SO as to impal
the vested rights hereunder OF any mem
Der OF the retirement ASSOCIATION, unies
such notifications or changes shall b.
assented to by such member SAID boar'
shall establish and maintain, under com
petent actuarial advice, complete sys
TEN of records and accounting:
Sec, g. Creation of Annuity rund
The annuities hereinafter provided shal
be paid out of fund to be known as tn
annuity fund, which shall be constituted
as follows: