Milford chronicle., 1932-12-30
A GOOD SAMARITAN


State Pension could be brought
about; which was largely the result
of Alfred /. duPOnt's generosity
Again Mrs. Walls, who is former
teacher in the Delaware public
schools, is working zealously to en-
thuse the teachers of Delaware as
to the benefits to be had from a re-
tirement fund, which would be in
part supported by the State, and
largely through and by the teachers
themselves. She has just this week
sent out a statement to more than
one thousand teachers in Delaware,
explaining the purpose, and request
ing their support. 1t is in fact, an
old age pension act as well as an
insurance.
The letter Mrs. Walls has sent out
is reproduced following this state
ment of the purposes, and needs to
be given careful thought by those
most interested, the teachers, as
well as the public. 1t follows:
Lincoln, Delaware,
December 20. 1882.
Dear Teacher
You undoubtedly, know that | have
been making a survey in Delaware,
in order to determine the number of
school teachers in the State tout of
service) who have taught thirty
years or more, who should be pen
stoned. Many of us were educated
by those excellent teachers who re-
ceived from $500 to $1,000 per week
for their services. From that salary
they were unable to save anything
for old age. The State really owes
them a debt they will never be able
to pay. Mr. and Mrs. Alfred l du-
POnt are in full sympathy with this
movement.
1t is of paramount Importance to
get some kind of a Teachers Re-
tirement Bill through the Legisla
ture in January If it does not eX
actly meet the approval of all the
teachers, there may be some changes
made if necessary, after it has been
in operation for a year. Several
other states have successful
Teachers Retirement system. The
City of Wilmington supports its own
Teachers Retirement Plan; should
they prefer our plan after it has been
in operation for two years, it will be
optional.
We find it will be necessary to
present two Bills to the Legislature.
The Teachers Pension Bill will in
clude teachers out of service who
have taught thirty years or more,
and a few who are ready to leave
service on account of age and dis
ability. They shall retire on one
half of their salary if it does not
exceed $4,000 per month. The mini
mum pension shall be $4,000 per
month, and the maximum $4,000 per
month. In other words, teachers
who are receiving a salary of $1,000
or more per year, shall retire on
$4,000 per month.
The second Bill will be called the
Teachers Annuity Retirement Bill,
whereby a teacher in service may
contribute a certain amount of his
or her salary, retire from teaching
at a certain age, and become self
supporting. 1t will be optional the
number of years a teacher wishes
the annuity to run. The policy may
mature when they reach So, go, or
65 years of age.
All teachers under thirty years of
age shall pay the full amount OF
their annuity, and contribute an
amount equal to five per cent of
their salary. The length of service\
in teaching will enable them to ac-
cumulate a substantial sum for old
age. For instance: teacher at the
age of twenty-five, who takes out an
annuity of five per cent of his or
her salary, based on $1,000 per year,
would receive a lump sum of more
than $1,000 at the age of 65, or $4,000
per month for life. Teachers who
contribute ten per cent of their sal
ary, will receive about $4,000 at the |
age of 65, or $100 per month for life.
Teachers from thirty to fifty years
of age shall contribute five to ten |
per cent of their salary, matched by |
five to ten per cent of their salary |
by their employer ION sliding scale |
according to age).
A teacher at the age of fifty who
takes out an annuity of ten per cent
of his or her salary, based on $1,000 !
per year, matched by ten per cent
by his or her employer, at the age
of 65 will receive a lump sum of
about $4,000.
Teachers beginning service in
Delaware are not compelled to join
the Retirement Plan until they have
taught five years in the State; also
it is not compulsory for any teacher
to join until the Plan has been in
operation for five years. This will
give those who do not intend to
make teaching their life profession
sufficient time to drop out of the
work. 1t will also give the younger
teachers time to decide if they like
teaching well enough to take out an
annuity, and the State Board suffi-
cient time to select young teachers
who are most efficient in the work.
Teachers who are too old to take
out an annuity shall contribute ten
per cent of their salary, and their
employer shall match it with the
same amount, the money contribut-
ed shall be placed in the Teachers
Pension Fund, and they may retire
at the age of 65 on a pension of
$4,000 pier month. 1t will be OPP
tional with teachers over thirty
years of age to join, although it will
be to their own interest to prepare
for old age. A question would arise,
what effect would it have on teach
ers who do not participate after the $
system has been in operation for !