Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1921-02-12
Special Legislative Body Makes
Startling Disclosures.
SUM OF S13,381,761 NEEDED
Fund in Such Condition That Unless
Legislature Places IT on Solvent
Basis II viii Sc Impossible TO
Pay Annuities.

wo years.
The fund is in such condition
that unless some steps are taken
At this session Of the legislature
10 amend the law and place the
fund on solvent basis, il viii 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 S13,3Sl,-
76l. with interest from now on will be
needed.
TO Offset this obligation the re-
sources Of the fund consist of assets
on hand. $685., 600; contributions of
teachers during the next SO years, ST.
261 ,0l3, together with all of the state
! appropriations for the next So years,
which is equivalent TO S1,095,292, max
Ing total Of S3,041 400.
Stated in other terms, II all present
members of the retirement fund are
treated eQutahly, the fund can pay only
% cents on each dollar Of promised
benefits To pay even this proportion
10 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
sisiance 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
shah require such reduction. The eX-
animation of the condition of the fund
made by the legislative committee
shows that pro rata reduction of %
| cents on the dollar win be necessary.
| unless the law is changed and addi-
ta0nal resources provided.
IF no change is made in the law,
said Senator Antoine Kuckuk, chairman
If the legislative committee. and an
nuities are paid 10 teachers now on
the retired list and those eligible
It means that the other 1900 teachers
IN the state must continue 10 contrib
ute with little hope of ever receiving
dollar of benefit for themselves"
A bin TO deal with the unemployment
! situation win be introduced soon
Wy Senator Henry A. Huber This bin
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 oh
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
| yides that industry shall compensate
workmen temporarily when they are
forced out of employment and are un-
/ able 10 obtain other suitable employ
ment
Alf employers that are not exempted
shall insure their liability for the pay
meut of unemployment compensation
/ in any mutual Insurance company Thar
is already insurins or that is capable
/ of insuring employers liability under