The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1919-04-24

Withdrawal. ugh ncniley shall have
served N the public schools ei The state
stS wears az mote. be shall hr entitled
Is receive ~ addition. the contribution,
made d, thr state or hls account as
hcre,lbgiorr provided
t&) IN case ~ ihe death 81 stch
member under the circumstance above
scl forth the several amounts 70 which
Nc would b entitled. II Irving shall
x paid to i surviving husband of wife.
% to the legal Representatives Of such
deceased member, a, msy hc elected,
subject d the rgicA aud regulations ~
the retirement board
90 III the case 81 the death 10 With
draWal IRON service ot sueh member
before the completion ~ siS years 81
service "a the pubic schools 81 the
state the contributions made by the
state on his account a. hcfclnhciofe
provided, shall he placed 10 the reserve
fund hereinafter established lor the
general purposes Of the retirement sys.
tenn
l4l Contributions returned Is above
provided shall be paid IN lump sums
uf tn inStallncnts As the member may
elect subject, however, 70 such reason
able rules aud regulations as may be
prescribed by the retirement board
Sec. 10 Exemptions That portion
OF the salary or wages OF member de-
Quoted OF 10 be deducted under thus
act, the right ot member 10 an annuity
or allowance hereunder, and all his
rights N the funds OF the retirement
system, shall be exempt from taxation,
and from the operation of any laws re
lating to bankruptcy or insolvency. and
shall rot be attached or taken upon eN.
ecution or other process of any Court
No assignment by member OF any part
Of such funds to which he IS or may be
catltled, or Of amy right to or interest
in such funds, shall be valid
Sec l. Administration OF Funds
ca All funds OF the retirement sys-
TEN shall be IN the custody and charge
pf the state treasurer, who shall invest
and rcinyeSt such funds as are not re-
luircd for current disbursements IN
accordance with the laws OF the state
governing the investment Of the assets
II savings institutions
. J nv hdNf AlNdNVlt VI NAfAtl MANY
such payments to the members OF the
'etrement association from the annuity
und as the retirement board shall order !
0 be paid III accordance with the pro- |
tisions hereof.
CD On or before the FIRST day OF |
August IN each year, the state treasurer |
hall file with the insurance commits
ioner and with the secretary OF the re-
irement board a sworn statement eS-
libitng the financial condition OF the |
etirement system on the thirtieth day |
# June III each year, and its financial
for the year ending on such |
late Such statement shall be IN the |
orm prescribed by the retirement board,
nd shall be published with the report
i the state treasurer
Sec. 10 Reserve Fund A reserve
und is hereby created, 10 consist OF
lifts and receipts from sources other
han those herein specified, returns 10
he state of IFS contributions to the am
uity fund as hereinbeforc provided,
nd balances that may accrue on account
t interest, savings or otherwise, which
lnd shall be maintained and used, in
ne discretion of the retirement board,
DR. unforeseen contingencies, expenses OF
or any other purpose
'ithin the scope of the retirement sys-
I'm.
Sec. 70. Accrued liabilities Fund
N accrued liabilities fund is hereby
reated, to consist of the Vermont state
,achers' retirement fund, now in the
lstody of the state treasurer under the
rovisIons of sections 1920 TO 1891.
lclusive, of the General Laws, OF such
art OF the reserve fund as the retire
tent board may from time to time
ansfer thereto, and OF such other
inds as may be received by the retire !
ent board for the purposes contem-
ated in this section, Provided, how
,er, that said Vermont teachers retire
ent fund shall not become part Of the
inds OF the retirement system as con- !,
mplated in this section except upon
,te to that effect OF the Vermont state I
acherS' retirement fund association.
lily certified to the retirement board by |
e president of said association The
crued liabilities fund shall be drawn !
ION from time TO time by the retire
ent board as needed to make up the
Of the state to the retiring
Id disability allowances provided here
lder Said fund shall be in all respects
bject to the provisions of this act,
id to the rules and regulations Of the
tlrement board hereby authorized IN
spect to custody, investment, audit and
sbursement
Sec 10 Supervision Of Retirement 2
stem The retirement board shall
use the system hereby established 10 e.
thoroughly examined by competent n
tuary or actuaries, once in every three
ars, and oftener il deemed necessary, p
d may call an actuary in consultation b.
any time and such board is hereby o.
10 change the scale Of con 81
buttons required OF teachers. il It
cmed advisable as the result Of Il
tuaria experience hereunder, but Ct
oh changes shall not be effective as to
Ichers becoming members OF the re- fl
ement association before the same
all have been made, unless assented TO
such members.
Sec a. The accounts Of the retire
mt board and the books and accounts A
the state treasurer as custodian OF
funds Of the retirement system, and
cash and securities III his hands
'resenting such funds, shall be ex- A
ined and audited annually at the time -
! in the manner prescribed for the co
iual audit OF the accounts OF the trus- ~
S Of the permanent school fund and -,
accounts Of the state treasurer in y,
lnection Herewith ~, ~,
Sec ~ Appropriation The sum OF y,
'ny-hyc thousand dollars per annum !"
hereby Appropriated to carry out the 4, u
visions Of this act for the biennial -.
iod beginning July (, 1910 \, -
zee % Changes IN Rules and Rcgu-
ons The rules and regulations ~
eby prescribed for the administration ~.
nc retirement system hereby created, w'
\ be subject to change by the retire ~
n board whenever deemed 10 bc for ~
best interests OF the entire body Of "
- - Al. dR