Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1921-02-10
FILES REPORT ON
TEACHERS TEACHERS FUND
Special Legislative Body Makes
Startling Disclosures.
SUM OF S13,381,761 NEEDED
Fund in Such Condition That Unless
Legislature Places 1t on Solvent
Basis 1t Will Be Impossible to
Pay Annuities.
SUM OF s13,381,761 NEEDED

Misunderstanding disclosures as
to the real financial condition of the
teachers retirement fund of Wiscon-
sin were made public by the special
legislative committee which has been
Investigating the subject for the past
two years.
The fund is in such condition
that unless some steps are taken
at this session of the legislature
to amend the law and place the
fund on a solvent basis. it will soon be
impossible to pay the annuities prom
ised under the law.
To pay the teachers in Wisconsin
who are at present contributing to the
fund the benefits promised to them
when they retire the sum of $13,381,-
761, with interest, from now on will be
needed.
To offset this obligation the re-
sources of the fund consist of assets
on hand, $685. 900; contributions of
teachers during the next SO years, ST.
261,Ol3, together with all of the state
y
which is equivalent to 81, 095,29 max
ing total of $3,041, 400.
Stated in other terms, if all present
members Of the retirement fund are
treated equitabiy, the fund can pay only
% cents on each dollar of promised
benefits To pay even this proportion
to the present teachers will use up all
of their own contributions, all OF the
accumulated assets and all of the state
appropriation for the next SO years, so
that new teachers would receive no as
sistance from the state during that
period.
Under the law the state does not
guarantee the obligations of the fund
in any way; on the contrary, the law
requires that the board of trustees of
the retirment fund ratably reduce the
annuities whenever, in the judgment of
the board the condition of the fund
shall require such reduction. The ex-
animation of the condition of the fund
made by the legislative committee
shows that pro rata reduction of 70
cents on the dollar will be necessary,
unless the law is changed and addi-
tional resources provided
''If no change is made in the law
said Senator Antoine Kuckuk, chairman
of the legislative committee, land an
nuities are paid to teachers now on
the retired list and those eligible
it means that the other $4,000 teachers
in the state must continue to contrib
ute with little hope of ever receiving
dollar of benefit for themselves"
A bill to deal with the unemployment
situation will be introduced soon
by Senator Henry A. Huber. This bill
does not apply to farmers or employ
ees of the state, cities. towns, villages
or school districts, or individual en-
ployers who hire less than three work
men.
Only those who are not able to OBJ
tain suitable employment are eligible
to receive unemployment compensation
for limited period. Like the work
mems compensation act, which penal
ICES industries where wOrkmen are
forced to leave their work-unem-
ployed because of the lack of safe
guards In the factOry-so this act pro-
vides that industry shall compensate
workmen temporarily when they are
forced out of employment and are I'M
able to obtain other suitable employ
ment.
All employers that are not exempted
shall insure their liability for the pay
meut of unemployment compensation
in any mutual insurance company that
is already insuring or that is capable
/ of insuring employers liability under
| the workmen's compensation act. A
premium is put on good management.
| Those employers that are most regular
| In the empoyent of their workmen pay
the lowest premium.
| No new commissions or state ma
| chinery will be necessary for execu-
/ ton and administration of this act.
/ The Industrial commission shall care
| for the administration, in cooperation
with the compensation Insurance
board. The system will function
/ through the state free employment of
fees. Deputies already appointed by
the industrial commission may pass
upon the applications for unemploy-
| ment compensation. In contested cases
the procedure is similar TO the work
mems compensation act. A state ad
| visory boagd of five, representing both
employers and employees. shall be ap
pointed by the Industrial commission
| TO serve without pay, according t6
| provisions of the measure.
Would Speed Up Counting Ballots.
Senator H. T. Lange of Eau Claire
will present bill requiring two cleo
ton boards. the Kansas plan. One
board would take ballots for half al
hour, then retire with their boxes t
begin the count other boxes and an