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Show RETIREMENT FUND BILL IS APPROVED In approving senate bill No. 200, the governor yeBterday lifted a load from the shoulders of those who subscribe sub-scribe to the public school teachers' retirement fund. The new act amends the old law by reducing the amount of pensions which a retired teacher may receive at the ago of 60 years from a sum equal to half the average salary drawn by the retired teacher during the last five years of service to a maximum allowance of $600 a year. Had the old law continued In force I the retirement fund, which now ap-I ap-I proxlmates $24,000, would have 'been exhausted In five years, according to figures prepared by the legislative committee of the Salt Lake Teachers' association. The fund Is derived from an assessment as-sessment of 1 per cent upon the salary sal-ary of the teachers who are members of the retirement association. The plan has been In operation for five yearB. During that time the amount paid into the fund by the teachers has netted a total of about $24,000. This money is Invested by th state In municipal and other approved bonds and earns an average Interest of 4 1-2 per cent. "Stock taking" by the teachers last year showed that If all those who would become eligible to pensions within the next five years took advantage advan-tage of their rights, at the prevailing rate, the principal and Interest and I all the money that would be paid in i by the teachers In the interim would j be entirely wiped out in the course of five or six years, when there j would be no pensions of any amount lor any bod H was with a view of averting this inevitable calamity that the bill was j Introduced It le generally conceded b teachers thai a month is a liberal pension and that the rate under un-der the new law will solve a serious problem at least for a tune |