Weekly Caledonian. (St. Johnsbury, Vt.) 1919-1920, 1919-04-23

% Each member of the retirement
association shall pay into the annuity
fund, under regulations to be prescribed
by the retirement board. such percentage
of his salary as may be determined by
said board within the limits hereinafter
prescribed, The rate of assessment for
each school year. which shall not he
more than ilVe per cent OF each nrm-
ber's salary. shall be established by the
retirement board on or before the Isl
day OF April in each year, and notice
thereof shall be given all members Ut
the retirement association i'll such man
ner rs the retirement board shall pre-
scribe. Such rate OF assessment shall
be uniform, at any given time, for all
members OF the retirement association
provided, however, that no member
shall in any one year pay into SAID fund
less than sixteen dollars nor more than
one hundred dollars
Cd Any member OF the retirement
association who ior thirty years shall
have paid into said fund hi, regular
assessments. As above provided, shall he
exempt from further assessments; but
such member may thereafter, ii he 50
elects continue to pay his assessments
into said fund.
CD The annuity iund shall also con-
si>t OF such amounts As may be appro-
prlated from time to time by the general
assembly ON estimates submitted BY the
retirement board. subject TO approval by
the board OF control. is hereinafter pro-
vided. Such estimates shall provide for
an appropriation sufficient TO enable the
board TO credit annually to each member
OF the retirement association 4 sum equal
to his contribution to the annuity fund
and the additional allowance provided
IN section thirteen of this act. Pro
vided. however, that the state shall not
be called upon to pay into said annuity
fund more than one hundred dollars i'll
any year OH account of the cuntrihu-
ton Of any one member Of said retire
ment association; nor shall the total
amount Appropriated by the state in any
one year TO carry out the provisions of
this act exceed the sum OF twenty-five
thousand dollars.
Sec. O. Contributions How Credited
The contributions made by the members
OF the retirement association to the an
nuity fund hereinbefore created shall
be credited as made to such members
Severally i'll individual accounts up to
the time of retirement. and at the same
time each member so contributing shall
be credited individually with a like
amount as the contribution OF the State
Contributing members shall also be
credited with the interest earned by their
several contributions and by the equal
contributions made by the state as aforc-
said
Sec. 10. Retirement Any member
of the retirement association, who shall
have served as public school teacher
for period of thirty years. OF which
twenty years. and the last five preceding
retirement, shall have been in this state,
may retire from service i'll the public
schools on or after attaining the age
of sixty years, if woman, and OF sixty
five years. if a man, without FORGETTING
any of the benefits of the retirement
system: and at any time thereafter, if
of rendering satisfactory serv-
ice, such member may be so retired, with
the approval of the retirement board
Sec. II. Reinstatement of Member
Any member of the retirement associa-
ton, who shall have withdrawn from
service in the public schools of the state
shall, on being reemployed therein be
reinstated in the retirement association
upon such terms and conditions as shall
be prescribed by the retirement board
Sec. IL. Retirement Allowances
Except as hereinafter provided, mem
Der of the retirement association, who
shall have retired from service in the
public schools of the state, and who shall
have complied with all the provisions
of this act and with the rules and regu-
lations of the retirement board hereby
authorized, shall be entitled to receive
from the annuity fund hercinbefore
(1) such annuity as his
contributions to said fund, with interest
thereon, together with the like contri-
buttons made thereto by the state, and
the interest thereon, will purchase on
the basis of McClintock's table of NOR
tality among annuitants, and an inter
est rate of three and half per cent
per annum; or, (2) at his option, he
shall be entitled to receive an annuity
Of less amount, as may be determined by
he retirement board for annuitants
electing such option, with the provision
ng payments equal to the sum of his
assessments hereunder and the contri-
buttons equal thereto made by the state,
IS hereinbetore provided, with interest,
he difference between the total amount
If said payments and the total amount
If such assessments and contributions,
With interest shall be paid as an annuity
% surviving husband, or wife, as the |
'ase may be. or to his or her legal rep |
-esentatives as such member may elect, !
subject to such reasonable rules and
equations as the retirement board NAV
Prescribe
Sec 10. Teachers Already in Service
Any teacher already in the service of
he state when this act takes effect, who
hall become member of the retire
nent association when forty-hve years
If age or older, shall OH retiring rs here
nbefore provided, be entitled TO receive
he allowance prescribed in the prcced-
ng section for members entering the
crvice of the state as teachers after the
,assage of this act, and such additional
allowance from the state as may be
determined by the retirement board, the
anne to be paid as provided in the pre-
.eding section; but his total annuity
hereunder shall not exceed ono half his
verage annual salary throughout his
ntire period of active service in the
tate.
Sec. II. Allowance in Case OF Death
IT Disability. A member of the retire
nent association, who shall have been
teacher in the public schools of the
tate at least six years. and who shall
ecomc totally and permanently dis
bled to teach, as determined upon en-
minaion by physicians approved by the