Weekly Caledonian. (St. Johnsbury, Vt.) 1919-1920, 1919-04-23
NO. 81
M ACT 10 ESTABLISH THE
VERMONT TEACHERS RETIRE
MENT SNSTEM

'Nli+-N ~ l ~ irfi'
Ii is hereby enacted by the General
assembly ol the State OF Vermont
Section l. Definitions The follow
ing words and phrase, as used in this
act shall have the following meanings
(D Preacher shall mean any
teacher. principal. supervisor or super
iutenden, employed in public day
school within the state.
(2l Public school shall mean any
day school conducted within the state
under the authority and supervision of
a duly elected board of school direc-
tors
(.N Wear" as used in this act refer
ring to the term of school service of a
teacher shah mean the same as school
year as defined in the general laws of
the state Al the time when the school
service i'll question was rendered, pro-
vided, however. that the retirement
board may in special cases determine
what school service shall constitute the
equivalent of 4 specihcd period of scrv-
ice under this act,
t) Interest" unless herein other
wise provided. shall mean compound in
tcrcst at such rate as shall be determined
by the retirement board.
60 Wherever the word he" ap-
pears it shall be taken to apply to
females d, we'll as males.
Sec 2 Teachers Retirement Sys-
ten. The Vermont teachers retirement
system. hereinafter called the retire
ment system, is hereby established to
become effective on July first, nineteen
hundred and nineteen
citation. An association to be known
as the Vermont teachers retirement
association, hereinafter called the re-
tirement association, may be organized
by and among the teachers in the pub
lie schools Of the state Membership in
said association may be acquired under
the following conditions
All teachers who shall serve i'll the
public schools on or after July first,
hundred and nineteen, may be-
come members OF the association. upon
application to and approval by a major
lty of the retirement hoard and under
such rules and regulations rs it may
prescribe
Sec. d. Organization. The teachers
who desire to become members of the
retirement association shall. as soon as
may be after July first, nineteen hundred
and nineteen, adopt such form of organ
ization for said association as shall be
prescribed by the commissioner of edit
cation, the state treasurer and the in
surancc commissioner and thereafter
such organization shall be maintained
for the purposes herein contemplated,
with such notifications thereof as may
be adopted from time to time by the
members of the association with the ap-
proval of the retirement board
Sec. 5. Teachers Retirement Board
The administration of the retirement
system hereby established is hereby
vested in a board to be known as the
teachers retirement hoard, herein called
the retirement board, consisting of five
members, as follows: The commissioner
Of education, the state treasurer, the
insurance commissioner and two mem
the organization of said association the
members thereof shall elect from among
their number, in manner to be approved
by the commissioner of education, the
state treasurer and the insurance COM
missioner. two persons to serve upon the
retirement board, one member to serve
for one year and one for two years; and
hereafter the members of the retire
ncnt association shall elect annually
from among their number, in a manner
o be approved by the retirement board,
one person to serve OH said board for
he term of two years
Until the organization of the retire
ncnt association and the election of two /!
therefrom to member
ship on the retirement board, the COM
missioner of education, the state treas
Irer and the insurance commissioner
'hall be empowered to perform all the |
1uties of said board
When Il vacancy occurs III the retire |
nent board by reason of the death, resig- |
lation or inability to serve of one of |
he members chosen by the retirement
association such vacancy shall be filled |
or the unexpired term by the election
IF new member of said association, at |
/ meeting duly called for that purpose
The members of the retirement board |
hall serve without compensation. but |
hey shall be reimbursed for all neces-
AIRY expenses which they may sustain
through their service on the board. All |
laims for such reimbursement shall be
ubiect to the approval of the auditor
VI accounts.
Sec. 6. General Duties, The retire
ncnt board shall provide for the pay
ncnt OF retirement allowances and such
'thcr expenditures as are prescribed by
his act. and shall perform such other
as are required for the cxecu
ion of the provisions hereof; and to
hat end said board shall make bylaws
nd pt 81 f11nl
of this act. shall employ a
ecrctary, whose duty it shall be to keep
record of all its proceedings, and shall
roVide such other clerical assistance as
nay be necessary for the discharge of
he duties prescribed hereunder.
Sec. 7. Administrative Duties. The
ctircment board shall adopt mortality
ablc> for the retirement system hereby
rcatcd, and, except as herein otherwise
rovided. shall determine what rates of
interest shall be established in conncc-
ion with such table, or otherwise under
he provisions hereof. Said board may
Modify such mortality tables or adopt
thcrs, and may change rates of interest
nee established. unless otherwise pro-
idcd herein. but not so as to impair
he vested rights hereunder of any mem
er of the retirement association. unless
UGH notifications or changes shall be
scented to by such member Said board
hall establish and maintain, under COM
etcnt actuarial advice. complete sys-
en- of records and accounting
Sec. 8. Creation of Annuity Fund
he annuities hereinafter provided shall
G paid out of fund to be known as the
nnl,itv fund which shall he constituted