Weekly Caledonian. (St. Johnsbury, Vt.) 1919-1920, 1919-04-23
before becoming eligible to retirement

withdrawal. such member shall have
served III the public schools ot the state
sin wears or more. he shall be entiticd
to receive, i'll addition. the contribution,
made by the state on his account as
hcrcnbeiore provided
t,) In ca>r of the death oi such
member under the circumstances alloy,
set forth, the several amounts To which
he would be entitled. if living. Shall
he paid to Il surviving husband or wife
ur To the legal representatives OF such
deceased member, as may be elected
subject to the rule, and regulations ot
the retirement board.
go In the case of the death or with
drAWal from service OF such member
before the completion of siX Years ~
service i'll the public schools of the
state the contributions made by the
state ON his account As hrrcinhctort
provided, shall he placed i'll the reserve
fund hereinafter established, 1Or the
general purposes OF The retirement >ys-
tenn
l4p Contribution, returned AS above
provided shall be paid i'll lump sums
or i'll in>talnenl> Is the member may
elect, subject. however, 10 such reason
able rules and regulations as may be
prescribed by the retirement board.
Sec, 10. Exemptions. That portion
OF The salary or wages of a member de
Quoted or to be deducted under this
act. the right OF Il 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 ot amy laws re
ating 10 bankruptcy or insolvency. and
shall not be attached OF taken upon tN-
ccution or other process on any court.
No assignment by a 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 he valid.
Sec. y. Administration Oi Funds
o. All funds OF the retirement sys-
tenn shall be i'll the custody and charge
ol the state treasurer. who shall invest
and reinvest such funds as are not re
CURED for current disbursements i'll
accordance with the laws of the state
governing the investment oi the assets
ol savings institutions
(.) 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 i'll accordance with the pro-
visions hereof
90 On or before the first day of
August i'll each year, the state treasurer
shall file with the insurance commits
>ioner and with the secretary of the re-
tircmcnt board a sworn statement eX-
hibiting the financial condition of the
retirement system OH the ttirtieth day
OF June in each year. and its financial
transactions for the year ending on such
date Such statement shall be i'll the
form prescribed by the retirement board,
and shall be published with the report
of the state treasurer.
Sec. IS Reserve Fund. \ 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 hcreinbefore 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. 10. 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
mcnt fund shall not become part of the
funds of the retirement system as con-
tcrnplatcd i'll this section except upon d
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
lnent board as needed to make up the
of the state to the retiring
and disability allowances provided here
under. Said fund shall be i'll all respects
subject to the provisions of this act,
and to the rules and regulations of the
respect to custody, investment, audit and
Sec. 20 Supervision of Retirement
System. The retirement board shall
cause the system hereby established to
be thoroughly examined by competent
actl1ary or actuaries, once in every three !
years, and oftcner if deemed necessary,
and may call an actuary in consultation
al any time; and such board is hereby
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 |
eachcrs becoming members of the re-
iremcnt association before the same |
shall have been made, unless assentcd TO |
Dy such members
Sec. 81 The accounts of the retire
ncnt board and the books and accounts
Vt the state treasurer as custodian OF
he funds OF the retirement system, and
he cash and securities i'll his hands
representing such funds, shall be cX
mined and audited annually at the time
md i'll the manner prescribed for the
lnnual audit of the accounts of the trus
ees OF the permanent school fund and
he accounts of the state treasurer i'll
Herewith
Sec. -. Appropriation. The sum OF
5 hereby appropriated to carry out the
provisions of this act for the biennial
'criod beginning July I, 1910.
Sec. %. Changes in Rules and Regu
atoms. The rules and regulations
Al. 4