Show teachers Tea cheis pension fund rund Is bankrupt the condition of the bankrupt teachers pension fund of new york city Is now worse than ever due to the defeat in the last session of the state legislature of the bill designed to place it on a sound actuarial basis the whole affair furnishes an excellent argument for income and other forms of life in aurance as furnished by the deput able life insurance companies about ten or fifteen years ago when the fund was started the under standing was that each teacher would give one per cent of his or her sal ary to the fund and that the city council would put in an equal amount together with certain other resources from the fund every teacher was to be given a specific pension tor for life upon either forced retirement or retirement at a tain age it being a crude form of assessment insurance and actuarially unsound it was doomed from the very start to bankruptcy which event occurred some two or three years ago about bout a year ago it was compelled to stop altogether because of inability to meet the payments that had accrued S it wolfe and other actuaries were then called in for consultation and on tl air advice the bill in produced trod into the last new york legislature was drawn up no steps were taken to educate the rank and file of the teachers on the provisions of the bill and as a result they sent committees to albany and helped de teat feat the bill matters are now in a pitiful plight and it Is doubtful it if justice can be done to those who had planned on the fund to carry them through their old age |