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

under this section, including his an
nuity and the additional allowance
above provided for, exceed half of
his average annual salary through
out his entire period of service as
determined by the retirement board.
In the case Of persons who receive
assistance under this section annual
denomination and reports by ply
sicians in receipt of disability shall
be required and the allowance dis
continued If the report shows ability
to return to teaching.
II such retiring member should die
before receiving in the form of an
annuity of all Of the accommodations
up to the time of his disability from
his own and the states annual con-
tributions on his account. the balance
shall be paid to his or her legal
elect. subject to such rules and regu-
lations as may be prescribed by the
retirement board.
Sec. IA. Q) Any member of the
retirement association withdrawing
from service in the public schools
missal. before becoming eligible to
retirement under the provisions of
this act. shall be entitled to receive
from the annuity fund all amounts
together with such interest as has
accrued thereon.
CO. In case Of the death of such
| member under the circumstances
above set forth, the several amounts
To which he would be entitled. if liv-
ns Shall be Rsid or to to the sga
J representatives Of such deceased
member. as may be elected. subject
to the rules and regulations of the
retirement board.
.(s). In tie. case Of the death or
| withdrawal from service of such
! member before the completion of six
years of service in the public schools
of the ftate the contributions made
| by the state on his account. as here
| inbefore provided, shall be placed IN
| the reserve furi hereinafter estap-
| lished for the general purposes OF the
! retirement system.
7 ca Contributions returned as above
provided shall be paid in lump sums
| or in lnStalmentS as the member may
elect. subject, however. to such rea-
Sonable rules and regulations as may
| be prescribed by the retirement board.
Sec. 10. That portion of the salary
i or wages of member deducted or to
| be deducted under this act, the right
, of member to an annuity or allow
ancc hereunder. and all his rights in
the funds of the retirement system.
| shall be exempt from taxation. and
! from the operation of am. laws relat--
| ing to bankruptcy or insolvency. shall
! ton or other process of any court.
No assignment by a member of any
| part of such funds to which he is or
may be entitled. or of any right to or
| interest in such funds, shall be valid.
Sec 16. % All funds of the re-
| tirement system shall be in the GUS
| today and charge of the state treaSur-
or. who shall invest and reinvest such
| funds as are not required for current
disbursements in accordance with the
| of in
| Nestments of the assets of savings in
situations.
| (2) The state treasurer shall make
such payments to the members of the
retirement association from the an
nuity fund as the retirement board
! shall order to be paid in accordance
with the provisions hereof,
! CD On or before the first day OF
urer shall file with the insurance COM
| missioner and with the secretary Of
the retirement board a sworn state
| nent exhibiting the financial cond-
| ton of the retirement system on the
| thirtieth day of June in each year and
| its financial transactions for the year
| ending on such date. Such statement
| shall be in the from prescribed by the
| lished with the report of the state
| treasurer.
Sec. Il. A reserve fund is hereby
| created TO consist of gifts and re-
| NCIPtS lioIf SouICtS otHtT IMAM IHOSP
herein specified. returns to the state
of it's contributions to the annuity
funds as hereinbefore provided. and
balances chat may accrue on account
Which fund s sbaf he or
of the retirement board. for unfor-
seen contingencies. expenses of ad-
minlStratlon, or any other purpose
within the scope of the retirement
system
Sec. IS. All moneys paid into the
, retirement board under paragraph
one of section eight hereof and all
sums deducted from the state school
graph three of section eight hereof
not otherwise expended shall be set
aside and administered as a reserve
fund wherewith to meet accrued liza
allowances as hereinbcfore provided.
Said fund shall be in all respects
subject to the provisions Of this act
and to the rules and regulations of
the retirement board hereby author
lied in respect to custody. invest
ment. audit and disbursement.
Sec. 10. The retirement board shall
cause the system hereby established
to be thoroughly examined annually
by the state auditor and once in ev-
deemed necessary. by competent
actuary or actuaries.. and may call in
actuary in consultation at any time
and such Board is hereby empowered
to change the scale of contributions
required of teachers. if deemed ad
visable as the result CT actuarial exA
perience hereunder; but such changes
shall not be effective as to teachers
becoming members OF the retirement
association before the same shall
Lave been MADE, unless asSented to
by Such memberSA
Sec. 90. The accounts of the retire.
ment board and the books and ac-
counts of the state treasurer as GUS
todian of the funds of the retirement
system, and the cash and securities
in his hands representing such funds,
shall be examined and audited an
nually at the time and in the manner
prescribed for the annual audit of
the accounts of the trustees of the
permanent school fund and the ac-
counts of the state treasurer in con-
nection thereWi-n.
Sec. 81. The rules and regulations
hereby prescribed for the admins
by created. shall be subject to change
by the retirement board whenever
deemed to be for the best interests
of the entire body of teachers in the
service of the state. But no changes
association shall be made without
their approval. The benefits of the
| retirement system shall be enjoyed
by each member Gt the retirement as
| ISOLATION so long as he meets all the
requirements of this act and COM
plies with all the rules and regula-
tions of the retirement board.
Sec. %. Any teacher now in serv-
| Ice may elect between the provisions
| of this act and the provisions of sec
tions one hundred and sixty mine to
one hundred and seventy-seven in
| elusive of chapter sixteen of the re-
vised statutes, but shall not in any
case be eligible to benefits under
! both such acts. No teacher entering
into service after July first. nineteen
| hundred and tWenty-four, shall be