The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07

shall mean the sum of all the
amounts deducted from the salary of
q member and credited to his indiv-
1ouai account in the annuity savings
funds. provided in Subsection %
Of Section 9 of this Act, together
with regular interest on such
amounts.
f14t "Earnable Compensation"
snail mean the full compensation
payable 10 a teacher working the full
working time for his position. In
cases where compensation includes
maintenance. the Board of Trustees
shall fix the value of that part of
the compensation during any one
year shall not include any part of
the compensation received by a
teacher ia excess of twelve hun
dred dollars 100000 and all COM
EensatiOn received by a teacher in
any one year in excess of twelve
hundred dollars Q.20000) shall be
excluded from the definition of
'earnabie compensation as used in
TINS Act,
u5l Average Final Compensa-
ton shall mean the average annual
eaTnable compensation of a men,
bsr during his last ten years serv-
ice as a teacher. of if he should
have less than ten years of service,
has average annual earnable COM
DensaiiOn during his entire period
u service.
fI6l Annuity shall mean annual
payments for life derived as pro-
vided IN this Act from the accumu-
lated contributions of member All
aDnuities shall be paid in equal
monthly installments.
flGB Annuity Reserve shall mean
the present value. computed at reg
ular interest upon the basis of such
mortality tables as shall be adopted
by the Beard Of Trustees. of all pay
Enents 10 be made on account of an
nuity., or benefit in lieu of any an
nuity. granted under the provisions
Of this Act.
llsD Pension" shall mean annual
payments for life derived as pro-
glded IN this Act from money pro-
Vided by the State of Florida. All
pensions shall be paid in equal
monthly Installments.
flbD Pension Reserve" shall mean
the present value. computed at reg
ulaF interest on the basis of such
mortality tables as shall be adopted
b. the Board of Trustees. of all
payments 10 be made on account of
a pension granted under the pro-
Visions Of this Act.
f20a Retirement Allowance" shall
mean the annuity plus the pension.
f2D Actuarial Equivalent shall
MEAN a benefit of equal value when
computed at regular interest upon
the basis of the mortality tables
adopted by the Board of Trustees.
~ The masculine pronoun when
ever used shall include the feminine
Sect. Z. NAME AND DATE OF
ESTABLISHMENT - A retirement
system is hereby established
and placed under the management
81 The Board of Trustees for the pur-
pose Of providing retirement allow
ere Of the State OF Florida. The re-
fir-ment system so created shall be-
gin operations as of the first day
81 July. nineteen hunderd and thir-
fY-nine. II shall have such powers
and privileges of a corporation as
may b. necessary TO carry out effec-
lively the provisions Of this Act and
shall be known as The Teachers
Retirement System of the State of
Florida" and bY such name all of
its business shall be transacted. all
II rs funds invested. and all of it's
cash and securities and other prop
erty held in trust for the purpose
for which received.
Sec 3 ADMINISTRATION
The general administration and the
responsibility for the proper opera
ton Of the retirement system and
for making effective the provisions
81 TINS Ac' are hereby vested in the
Board of Trustees. Subject to the
Limitation OF this Act the Board of
Trustees shall from time to time es-
fablish rules and regulations for the
administration and transaction of the
business Of the retirement system
and shall perform such other func-
tons as are required for the eXecu-
fiOn Of this Act.
- The membership of the Board
Of Trustees shall consist of the State
rnH ~ 90 asasn i
Der who shall be known as teacher
members and who shall be appointed
bg the Governor for terms of three
wears each. These appointees shall
be- teachers Of distinC ton who shall
have taught school for at least five
years.
The initial terms of the first two
teacher members of the Board of
Trustees shall be two and three
years. respectively. Following the
completion of the initial terms, the
terms Of Office of such members
shall be- three years
80 Until the appointment and
qualifying Of the two teacher MEM
beers 10 be appointed the other five
members are empowered to perform
the duties of the Board of Trustees.
90 ANY vacancy in the Board of
Trustees shall be filled for the I'M
expired term in the same manner
as the Office was previously filled.
90 a ma lorltY of the members of
the Board of Trustees shall consti-
tute a quorum.
90 The members of the Board of
Trustees shall serve without COM
DensatiOn but shall be reimbursed
from the expense fund. provided I'M
der Subsection 90 of Section 8 of
this Act for any necessary expenses
incurred IN the performance of their
duties. and no member of the retire
ment system shall suffer loss of sal
airy ar wages through serving on
the Board OF Trustees.
~ The Board of Trustees shall
eleC. from IFS membership a chair
man and vice chairman. and shall
appoint secretary who may be but
need not be one of its members.
The secretary shall give bond in
such amount and with such sure
ties as the board NAV require The
compensation of all employees of the
Board Of Trustees shall be fixed by
the Board. and all other expenses
Of the Board necessary for the prop
er operation of the retimement syS-
TEN shall be paid at such rates and
IN such amounts as the Board of
Trustees shall approve.
90 The Board of Trustees shall
keep IN convenient form such data
as shall be necessary for actuarial
valuation Of the various funds Great
ed by this Act and for checking the
experience Of the retirement system.
go The Attorney General of the
State OF Florida shall be the legal
adviser Of the Board of Trustees.
tlQl The Board of Trustees shall
employ such agents. servants and
employees as in its judgment may
be necessary 10 carry out the terms
and PROVISIONS of this Act and shall
provide for their compensation.
Among the employees of the Board