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

by the retirement board such percentage
OF his salary as may be Determined ny
said board within the limits hereinafter
prescribed. The rate of assessment tor
each school year, which shall not be
more than five per cent OF each mem
ber's salary, shall be established by the
retirement board on or before the ist
day of April in each year, and notice
thereof shall be given. all members OF
| the retirement association IN such man
ner as the retirement board shall pre-
| scribe. Such rate of assessment shall
be uniform, at any given time, tor 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.
(2) Any member of the retirement
association, who for thirty years shall
have paid into said fund his regular
assessments, as above provided, shall be
exempt from further assessments; but
such member may thereafter, if he so
| elects, continue to pay his assessments
into said fund.
Cd The annuity fund shall also con-
sist of such amounts as may be appro
priated from time to time by the general
assembly on estimates submitted by the
retirement board, subject to approval by
the board of control, as 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 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 in
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 to 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
amount as the contribution of the state
Contributing members shall also be
|
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 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 in the public
schools on or after attaining the age
of sixty years, If a woman and of sixty
five years, If man, without FORGETTING
any of the benefits of the retirement
system; and at any time thereafter, if
incapable 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 hereinbefore
established, (I) such annuity as his
contributions to said fund, with interest
thereon, together with the like contri-
buttons made thereto by the state, and
xHa ,,,x. a.
the basis of McClintock's table of NOR
tality among annuitants, and an inter-
est rate of thrse and half per cent
shall be entitled to receive an annuity
of less amount, as may be determined by
the retirement board for annuitants
electing such option, with the provision
that If the annuitant dies before receiv-
ing payments equal to the sum of his
assessments hereunder and the contri-
buttons equal thereto made by the state,
as hereinbefore provided, with interest,
the difference between the total amount
of said payments and the total amount
of such assessments and contributions,
with interest, shall be paid as an annuity
to surviving husband, or wife, as the
case may be, or to his or her legal rep
resentatives as such member may elect,
subject to such reasonable rules and
regulations as the retirement board may
prescribe.
Sec 10. Teachers Already in Service.
Any teacher already in the service of
the state when this act takes effect, who
shall become a member of the retire
ment association when forty-fve years
Of age or older, shall on retiring as here
inbefore provided, be entitled to receive
the allowance prescribed in the preced-
ing section for members entering the
service of the state as teachers after the
passage of this act and such additional
allowance from the state as may be
determined by the retirement board the
same to be paid as provided in the pre-
ceding section; but his total annuity
hereunder shall not exceed one half his
average annual salary throughout his
entire period of active service in the
state.
Sec. ID. Allowance in Case of Death
or Disability. A member of the retire
ment association, who shall have been
teacher in the public schools of the
state at least six years, and who shall
become totally and permanently dis
abled to teach, as determined upon ex-
animation by physicians approved by the
retirement board, shall receive an an
nuity based upon the accumulated sum
OF his contributions and the equal con-
trlbutions OF the state, with interest,
calculated on the basis of McClintock :
table OF mortality among annuitants and
three and half per cent interest, with
such additional annual ,llou,,c. fro,,