The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1919-04-24
NO. 81
AN ACT TO ESTABLISH TIRE
VERMONT TEACHERS RETIRE
NENT SYSTEM

III N utTtDb enacted uN INC lctiCTi
/ Assembly Of the State OF Vermont
! Section Definitions. The follow
ing words and phrases as used in hi
act shall have the following meanings
ca Teacher" shall mean an
! teacher principal, supervisor or super
i intendeul employed in a public da
school within the state.
ca Public school shall mean an
1 day school conducted within the stat
under the authority and supervision G
duly elected board of school direc
| tors
go Year" as used in this act refer
! ring to the term OF school service Of
teacher shall mean the same as "schoo
year. as defined in the general laws o
the state al the time when the sehoo
service in question was rendered, pro
vidcd however, that the retremen
board may in special cases determln
what school service shall constitute tn
equivalent OF specihed period OF serv
ice under this act,
ca Interest unless herein other
wise provided, shall mean compound in
4
by the retirement board.
60 Wherever the word he ap
pears it shall be taken to apply L
females as well as males.
Sec Teachers Retirement Sys
TEN The Vermont teachers retirement
system, hereinafter called the retire
ment system, is hereby established, tc
become effective on July first, nineteen
hundred and nineteen.
Sec, 3. Teachers Retirement Asso.
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 in the
public schools on or after July first,
nineteen hundred and nineteen may be-
come members of the association, upon
application to and approval by major
ity of the retirement board and under
such rules and regulations as it may
prescribe
Sec, 4. 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 edu-
cation, the state treasurer and the in
surance 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 APP
proval of the retirement board
Sec S. Teachers Retirement Board.
The administration of the retirement
system hereby established is hereby
vested in board TO be known as the
teachers retirement board, herein called
the retirement board, consisting of five
as follows: The commissioner
Of education, the state treasurer, the
insurance commissioner and two mem
bers of the retirement association. Upon
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
two persons TO serve upon the
retirement board, one member to serve
Tor one year and one for two years and
hereafter the members of the retire
nent association shall elect annually
rom among their number, i'll a manner
o be approved by the retirement board,
me person TO serve on said board for
he term of two years
Until the organization OF the retire
nent association and the election OF Two
hip on the retirement board, the com
missioner of education, the state treas
irer and the insurance commissioner
hall be empowered to perform all the
luties OF said board
When vacancy occurs in the retire
nent board by reason Of the death, resig- |
ation or inability to serve OF one OF
he members chosen by the retirement
ssociation such vacancy shall be filled |
or the unexpired term by the election
4 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
trough their service on the board All |
laims for such reimbursement shall be
nbject to the approval of the auditor
( accounts.
Sec &. General Duties The retire
rent board shall provide for the pay
tent OF retirement allowances and such
Their expenditures as are prescribed by
rs act and shall perform such other
motions as are required for the execu
on OF the provisions hereof; and to
rat end said board shall make bylaws
nd regulations not inconsistent with the
rovisIons of this act. shall employ
,cretary, whose duty IT shall be TO keep
record OF all its proceedings, and shall
royide such other clerical assistance as
ay be necessary for the discharge OF
ie duties prescribed hereunder
Sec 7 Administrative Duties The
.tiremcnt board shall adopt mortality
blcs for the retirement system hereby
Gated, and except as herein otherwise
divided, shall determine what rates Of
terest shall be established in connec-
N with such tables OF otherwise under
( provisions hereof Said board may
odify such mortality tables or adopt
hers, and may change rates 81 interest
ice established. unless otherwise pro-
ded herein. but not v as 10 impair
( vested rights hereunder ~ any mem
= 81 the retirement association. unless
ch notifications or changes shall be ;
sented 10 BY snch member. Said board
an establish and maintain. under com
tent actuaris sdvice, 3 complete sys- ;
m 81 records and accounting
Sec 8 Creation 81. Annuity Fund
he snnuities hereinafvr provided shall !
paid Oh, Of fund " be known As the (
ngi,y fund. ahich fhAll be constituted ]
follows ia