Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1919-04-23

fund all amounts contributed thereto as |
assessments, and, if at the time of such |
withdrawal, such member shall have
served in the public schools of the state
six years or more, he shall be entitled |
to receive, in addition, the contributions
made by the state on his account as
hereinbcfore provided.
(2) In case of the death of such |
member under the circumstances above
set forth, the several amounts to which |
he would be entitled, if living, shall
be paid to a surviving husband or wife,
or to the legal representatives Of such
deceased member, as may be elected, |
subject to the rules and regulations of
the retirement board.
CD In the case of the death or with
drawal from service of such member
before the completion of six years of
service in the public schools of the
state the contributions made by the
state on his account, as hereinbefore
provided, shall be placed in the reserve
fund hereinafter established, for the
general purposes of the retirement sys-
TEN.
ca Contributions returned as above
provided shall be paid in lump sums
or in installments as the member may
elect, subject, however, to such reason
able rules and regulations as may be
prescribed by the retirement board
Sec. I6. Exemptions. That portion
of the salary or wages of member de-
Quoted or to be deducted under this
act, the right of member to an annuity
or allowance hereunder, and all his
rights in 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 not be attached or taken upon ex-
ecution or other process of any court.
No assignment by member of any part
of such funds to which he is or may be
entitled, or of any right to or interest
in such funds, shall be valid.
Sec II. Administration of Funds.
Cd All funds of the retirement sys-
tenn shall be in the custody and charge
of the state treasurer, who shall invest
and reinvest such funds as are not re-
quired for current disbursements in
accordance with the laws of the state
governing the investment of the assets
of savings institutions.
(2) The state treasurer shall make
such payments to the members of the
retirement association from the annuity
| fund as the retirement board shall order
to be paid in accordance with the pro-
visions hereof
CD On or before the first day of
| August in each year, the state treasurer
shall file with the insurance commits
sioner and with the secretary of the re-
hibiting the financial condition of the
retirement system on the thirtieth day
| of June in each year, and its financial
| trn, 30 tla
date. Such statement shall be in the
form prescribed by the retirement board,
and shall be published with the report
of the state treasurer.
| Sec. Is. Reserve Fund. A reserve
fund is hereby created, to consist of
gifts and receipts from sources other
than those herein specified, returns to
| the state of its contributions to the an
nuity fund as hereinbefore provided,
and balances that may accrue on account
of interest, savings or otherwise, which
| fund shall be maintained and used, in
! the discretion of the retirement board,
| for unforeseen contingencies, expenses of
administration, or any other purpose
within the scope of the retirement sys-
| tenn.
Sec. TO- Accrued Liabilities Fund.
| An accrued liabilities fund is hereby
created, to consist of the Vermont state
teachers retirement fund, now in the
custody of the state treasurer under the
provisions of sections 1920 to 1891.
inclusive, of the General Laws, of such
part of the reserve fund as the retire
ment board may from time to time
transfer thereto, and of such other
funds as may be received by the retire
ment board for the purposes contem-
plated in this section. Provided, how
ever that said Vermont teachers retire
ment fund shall not become part of the
funds of the retirement system as con-
templated in this section except upon a
vote to that effect of the Vermont state
teachers retirement fund association.
duly certified to the retirement board by
the president of said association. The
accrued liabilities fund shall be drawn
upon from time to time by the retire.
ment board as needed to make up the
contributions of the state to the retiring
and disability allowances provided here
under Said fund shall be in all respects
subject to the provisions of this act,
and to the rules and regulations of the
retirement board hereby authorized in
respect to custody, investment, audit and
disbursement.
Sec. 60 Supervision of Retirement
System. The retirement board shall
cause the system hereby established to
be thoroughly examined by competent
actuary or actuaries, once in every three
years, and oftener if deemed necessary,
and may call an actuary in consultation
at any time; and such board is hereby
empowered to change the scale of con-
tributions required of teachers, if
deemed advisable as the result of
actuarial experience hereunder; but
such changes shall not be effective as to
teachers becoming members of the re-
tirement association before the same
shall have been made, unless assented to
by such members.
Sec. Ell. The accounts of the retire.
ment board and the books and accounts
of the state treasurer as custodian of
the funds of the retirement system, and
the cash and securities in his hands
representing such funds, shall be ex-
amined and audited annually at the time
and in the manner prescribed for the
annual audit of the accounts of the trus
tees of the permanent school fund and
the accounts of the state treasurer in
connection herewith,
Sec. %. Appropriation. The sum of
twenty-five thousand dollars per annum
is hereby appropriated to carry out the
provisions of this act for the biennial
period beginning July I, 1919
Sec. 20, Changes in Rules and Regu-
lations. The rules and regulations
hereby prescribed for the administration
of the retirement system hereby created,
| shall he subject to change by the retire