Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1921-02-12
FILES REPORT ON
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 II viii Be impossible to
Pay Annuities.

| 0dNlSoI.- = III tiikiE ulSttoSuLfS rs
20 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
.wo years.
The fund Is in such condition
that unless some steps are taken
at this session of the legislature
20 amend the law and place the
fund on a 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 $13,3Sl,-
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.
26f0l3, together with all of the state
appropriations for the next So years,
which is equivalent 10 $l,095. 292 max
Ing total Of S3.041, 400
Stated in other terms. If all present
members of the retirement fund are
treated equitably 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 tile
accumulated assets and all of the state
appropriation for the next SO years. so
! that new teachers would receive no as
Slstance 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 ny the legislative committee
shows that "a pro rata reduction of %
cents on the dollar viii be necessary,
uulcSs the law is changed and addi-
tNnal resources provided.
''lf no change is made in the law"
said Senator Antoine Kuckuk. chairman
II the legislative committee. "and an
nuities are paid to teachers now on
the retired list and those eligible
1t means that the other 1900 teachers
in the state must continue TO contrib
ute with little hope of ever receiving
dollar Of benefit fer themselves"
A bili TO deal with the unemployment
situation will be introduced soon
by Senator Henry 4. Huber This bill
does not apply 10 farmers or employ
ees Of the state. cities. towns, villages
OF 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 faetnry--s0 this act pro
vides that industry shall compensate
workmen temporarily when they are
forced out Of employment and are un-
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 thar
is already inSurjng or that is capable
of inSuring employers liability under
The workmen's compensation act. A
premium is put ca good management.
Those employers THAI are most regular
IN The employent Of their workmen pay
the lowest premium.
No new commissions or state laa.
chiuery will bee necessary for execu-
ton aad administration of this acT.
The industrial commission shall care
fer the administration. In co-operatiun
with the compensation insurance
board The system will function
through the state free employment Of
tices Deputies already appointed ny
the industrial commission may pass
upon the applications for unemploy.
ment compensation. In contested eases
the procedure is similar to tse work
mems compensation act, A state adj
visory hoard Of five representing both
employers and employees shall be ap-
pointed Icy the industrial commission
10 serve without pay, according 10
provisions of the measure.
Would Speed Up Counting Ballots.
Sanat.r M . an.. I'M. - 1...r,