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

! sad board within the limits hereinafter
prescribed The rate of assessment iai
each school year. which shall not Il
more than igse per cent az each mem.
, ecfs SALARY, shall he established hy tic
retirement hoard on or before the Isl
day Of April IN each year. and notice
thereof shall be given al ncnlh.rs "a
the retirement ASSOCIATION Ia such man
ner as the retirement board shall pre-
scribe Such rate 81 assessment shall
be uniform, ~ any given TIME, ior al
members Of the retirement association
provided, however. that 30 member
shall "a any orc year pay into said fund
less than sixteen dollars nor more than
ono hundred dollars
t2l ANY member OF the retirement
association, who for thirty years shall
have paid INTO said fund hi, regular
assessments, as above provided, shall be
exempt from further assessments but
such member may thereafter. II he 80
elects continue TO pay HIS assessments
into said fund
90 The annuity fund shall also con
sist OF such amounts as may he apprp
priated from time 10 time by the general
assembly on estimates submitted by the
retirement board, subject to approval by
the board of control a. hereinafter pro-
ylded, Such estimates shall provide for
an appropriation sufficient to enable thc
board to credit annually to each member
OF the retirement association a 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 III
any year on account OF the contribu-
| 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 9 Contributions How Credited
The contributions made by the members
OF the retirement association 10 the an
nuity fund hereinbefore created, shall
be credited as made TO such members
severally IN individual accounts up TO
the time OF retirement, and at the same
time each member so contributing shall
be credited individually with a like
G.
Contributing members shall also be
credited with the interest earned by their
several contributions and by the equal
contributions made by the state as afore
said.
Sec 10 Retirement Any member
OF the retirement association, who shall |
have served as a public school teacher
for period OF thirty years. OF which |
twenty years, and the last five preceding |
retirement. shall have been i'll this state,
may retire from service in the public |
schools on or after attaining the age
OF sixty years. if woman and of sixty
hive years, II man, without FORGETTING
any of the benefits OF the retirement
system; and at any time thereafter, If
incapable OF rendering satisfactory sery
ice, such member may be so retired with
the approval of the retirement board
Sec. H. 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 hereinbefore |
established, I) such annuity as his !
to said fund, with interest
thereon, together with the like contri-
buttons made thereto by the state, and !
the interest thereon, will purchase on I
the basis of McClintocks table OF NOR {
tality among annuitants, and an inter /
per annum; or, (2) at his option, he t
shall be entitled to receive an annuity ,
Of less amount. as may be determined by (
The retirement board for annutants {
electing such option, with the provision t
hat if the annuitant dies before receiv- a
ng payments equal TO the sum OF his I
assessments hereunder and the contri Il
buttons equal thereto made by the state, c
Is hereinbefore provided, with interest, a
he difference between the total amount u
IF said payments and the total amount s
If such assessments and contributions, a
With interest, shall be paid as an annuity r
o surviving husband, or wife, as the r
.ase may be, or to his or her legal rep d
esentatives as such member may elect,
ubject to such reasonable rules and
equations as the retirement board may c
,rescribe. b
Sec. IS, Teachers Already in Service a
Any teacher already in the service Of y
he state when this act takes effect, who a
hall become member OF the retire a
nent association when forty-hve years e
# age or older, shall on retiring as here Il
nbefore provided be entitled to receive d
he allowance prescribed in the preced- az
ny section for members entering the 81
ervice OF the state as teachers after the te
assage of this act, and such additional Il
llowance from the state as may be 81
determined by the retirement board, the b.
anne TO be paid as provided in the pre-
eding section. but his total annuity m
ereunder shall not exceed one half his Of
verage annual salary throughout his II
ntire period 1f active service in the tn
tate re
Sec. IL Allowance in Case OF Death al
r Disability member OF the retire al
tent association, who shall have been al
teacher in tie public schools OF the te
tate at least SIX years, and who shall th
ecome totally and permanently dis CO
bled to teach, as determined upon ex-
mination by physicians approved BY the w
etirement board shall receive an an IS
uity based upon the accumulated sum pr
L .L.., a.. D no
-ibutions OF tie state, with interest,
llculated on tb. basis OF McClintock's la
Ible OF mortalIty among annuitants and he
Iree and half per cent interest, with OF
ich additional annual allowance from SD
le state As the retirement board, in the mi
Sercise OF sound discretion, shall deem th
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