Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-09-15
OPERATION OF
PENSION LAWS
FOR TEACHERS
Provisions Which Caused Con-
fusion Now Made
Clear.
CHIEF FACTS IN STATUTE

Considerable confusion has been cansee
among teachers in Indiana as a result OF
the change In the teachers pension laws.
In order that instructors may have exact
information concerning the operation OF
the law Estes Duncan, secretary OF the
teachers pension board, has prepared the
following summary:
1. The following classi6cations and ar
rangement of facts will no doubt be Of
interest to teachers of our public schools.
l. Glasses of teachers:
1. Beginning teachers must become
members of the system.
(a) Employing officials report begin
ming teachers to the retirement fund
board before Oct. 1. 1921.
OBJ Secretary mails blanks to teachers
to be filed with the data necessary for
the office
(c) Employing officials deduct from
your salary one-third Of your premium
at the end Of the second month of the
school year, one-third at the end of the
fourth month, and one-third at the end
of the sixth month of the school year.
(d) After the first and before the if
teenth day of January and June of each
year the employing official pays these
deductions over to the board of trustees
of the Indiana State teachers retirement
fund.
2. All teachers having belonged TO local
units and not having Withdrawn auto
matically become members.
(a) Will be reported by employing of
hcials as having belonged to a former
system.
(b) Deduction by employing officials Of
premiums which have changed from I'M
H. = o.
age you were at time of beginning serv
ice fixes the premium you shall pay for
all subsequent service.
(c) Employing officials report deduc-
lions to the board of trustees of execu-
tive secretary, who acts for the board.
Id These teachers do not have addi-
tionaI arrearages to pay over and above
their arrearages under the old law. But
the board will insist that these old ar
rearages be paid at the very earliest con-
venience of the teacher, for the reason
that it is extremely difficult to make a
payment yield a profit in the hands of
the debtor. Further, in the event of re-
tirement the annuity otherwise available
will be reduced in the proportion which
the amount unpaid bears to the then
present value of such annuity.
(e) In the event Of withdrawal or re-
tirement before forty years of service
they do not receive as good settlement as
do the teachers who have paid up under
the law as amended.
g. Teachers with prior service and who
have never belonged to an annuity sys-
tenn.
(al Reported by employing officials
as electing or rejecting the opportunity
to become members this year. But have
until Sept. I. 1922, to make final decision
(b) If this class OF teachers elects to
become members they are so reported by
employing officials.
(cl Blanks are sent out to them TO be
filed by the secretary that will show
their prior service and such other data
as the board has decided will be Of use
in the office of the executive secretary.
Id How the pay of a-resrages will be
accepted from this class for their claim
for prior service.
(1)qAll cash.
(2) If $500 or less must be cash.
80 In the event that the total arrear-
ages are more thar $500 the board will
accept SO Is per cent Of total amount
each successive year until paid. But in
no event will a payment be received for
less than $500 save the last one which
might be less.
(e) Employing official deducts the
premium this year just as he does with
other classes of teachers and employing
official settles with the board Of trus-
tees just al he does with other classes
of teachers.
All classes of teachers may receive
credit for prior service and out State
service. After ten years service any
teacher member may withdraw and re-
ceive all money paid in as premiums.
After ten years of service death settle
ments include all money plus per cent
compound interest
After twenty-five years of service any
teacher may retire upon an annuity.
This annuity Is governed by the teach
er's age at beginning service, amount OF
errearages paid, length of service age at
= retirement. etc. Teachers coming from
other States are new to the service in
this State hence must unite with this
system as beginning teachers.