Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

AZ follows: the state superintendent
OF public schools. the state treasurer,
the attorney-general. the bank COM
missioner and the insurance commits
tirement association. Upon the or
Eanization of said association the
members thereof shall elect from
among their number. in a manner
to be approved by the state superin-
tendent of public schools. the state
treasurer and the attorney general.
bank commissioner and insurance
commissioner. two persons to serve
upon the retirement board. one men,
Der to serve for one year and one for
bers OF the retirement association
shall elect annually from among
their number. in manner to be ap-
proved by the retirement board. one
person to serve on said board for the
term OF two years.
Until the organization Of the re-
tirement association and the election
or two representatives therefrOm to
membership on the retirement board.
the state superintendent of public
schools. the state treasurer and the
attorney general. bank commissioner
and insurance commissioner. shall be
employed to perform all the duties
OF said board.
Whena vacancy occurs in the re-
tirement board by reason of the
death. resignation or inability to
serve of one of the members chosen
by the retirement association. such
vacancy shall be filled for the uneX-
pred term by the election of new
member of said association. at a meet
ing duly called for that purpose.
Tho members of the retirement
board shall serve without compensa-
tion. but they shall be reimbursed
for all necessary expenses Of travel
which they may sustain through
their service on the board. All
claims for such reimbursement shall
he subject to the approval of the
state auditor.
SOC. &. The retirement board shall
provide for the payment of retire
mcnt allowances and such other eX
pcnditures as are prescribed by this
act. and shall perform such other
functions as are required for the
execution of the provisions hereof;
and TO that end said board shall make
bylaws and regulations not incon-
sistcnt with the provisions of this act.
shall employ II secretary. whose duty
IL shall be to keep record of all
its proceedings. and shall provide
such other clerical assistance as may
he necessary for the discharge of the
Niutics prescribed hereunder. The
reasonable and necessary expense OF
such clerical assistance shall be met
nIt of the regular appropriation for
III" state superintendent of schools.
Soc. = The retirement board shall
adopt mortality tables for the retire
mcnt system hereby created. and. eN-
ccpt as herein otherwise provided,
shall dctermn" what rates of inter-
st shall be established in connection
with such tables or otherwise under
the provision hereof. Said board
may modify such mortality tables or
adopt others and may change rates
az interest once established. unless
otherwise provided herein. but not
So as to impair the vested rights
. ,t,n,. of hn %
tiremcut ASSOCIATION. unless such
notifications or changes shall be as
scented To by such member SAID
board shall establish Snd maintain
a complete system of records and ac-
counting. All action taken by the
retirement board under the provisions
al this section shall be upon COM
petcnt actuarial advice.
Sec. s. The annuities hereinafter
provided shall he paid out of a fund
H. be known as the annuity fund
which shall be constituted as follows:
% Each member OF the retire
mont association shall pay into the
annuity fund under regulations TO De
prescribed by the retirement board
live percent of such members salary;
provided however. that no member
shall in any ono year pay into sald
fund iess than twenty dollars nor
more than one hundred dollars.
go Any member of tn" retire
mcnt association. who for thirty
wears shall have paid into said fund
his regular assessments. as aboNe
provided. shall he exempt from fuf-
thor assessments. hut such member
may thereafter, if he so elects, con-
iinuc to pay his assessments into
said fund.
90 During the months of July or
nsnt no, of ra ' shal, E notify Tn" the state
SUPERINTENDENT OF public schools
." f' the exact amount paid in
bctwc July first and June
1hirtieth preceding by the members
of the teachers retirement assocla-
lion and before the state Superlnten-
dent of public schools shall dlstrl-
hue tho state school fund in De
ccmhcr. he shall deduct the amount
necessary to equal the contributions
of members as certified by the re-
tircmcnt board. Such amount TO-
.othcr with the amounts paid In by
o. members shall be invested as pro-
yidcd in this act. The amount de-
Quoted from the state school luna
shall not exceed the sum of thirty
five thousand dollars for any one
Sec. Q. The contributions made by
The members of the retirement assoc
citation to the annuity fund hereln-
before created. shall be credited as
made to such members seVerally IN
individual accounts up to the time
Of retirement. and at the same time
each member so contributing snail
be credited individually with a IKE
amount as the contribution or the
state. Contributing members snail
also be credited with the interest
earned by their several contributions
and by the equal contributions maze
by the state as aforesaid.
Sec. 10. ANY member OF tho re-
tirement association. who shall have
served as public school teacher for
a period of thirty years. of which
twenty years. and the last seven pre-
cedinE retirement. shall have been IN
this state, may retire from service IN
the public schools on or after attain
ing the age of sixty years without
FORGETTING any of the benefits of the
retirement system: and at any time
thereafter. if incapable of rendering
may be so retired. with the approval
OF the retirement board.
Sec. II. Any member of the re-
tirement association. who shall have
withdrawn from service in the public
schools of the state. shall. on being
re-employed therein. be reinstated in
the retirement association upon such
terms and conditions as shall be pre-
scribed by the retirement board.
Sec. IL. Except as hereinafter pro-
vidcd. a member of the retirement
association, who shall have retired
from service in the public schools of
the state. and who shall have COM
piled with all the provisions of this
act and with the rules and regula-
tons of the retirement board hereby
authorized. shall be entitled to re-
ceive from the annuity fund herein
before established. % such annuity
as his contributions to said fund,
with interest thereon. together with
the like contributions made thereto
by the state. and the interest there
on. will purchase on the basis of Nc
Clintocks table of mortality among
annuitants. and an interest rate of
nd n ha1