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Show Utah Teachers' Retirement System Proves Value in 15 Year Existence Tuesday, July 1, 1952 marked an important anniversary anniver-sary in the educational history of Utah for it was upon July 1 fifteen years ago that the Utah State Teachers' Retirement Re-tirement System became operative in the state. Since then it has done a commendable job in providing retirement and disability assistance for a sizeable group of worthy public employees. The Teachers' Retirement System, should not be confused, of course, with the Utah State Employees Retirement System, liquidation of which was provided for by the recent special session of the Utahi legislature. The Teachers' Retirement System is described by the Utah Research Foundation as ", . the only public retirement re-tirement system in the state wherein the law specifically established it on an actuarial basis." The program continues con-tinues to operate under the consultive-supervision of a nationally recognized actuary. Originally only teachers were eligible for membership, member-ship, but in 1945, following a legislative amendment to the Teachers Retirement Act, all employees of the public schools and educational institutions of the state were? brought into the system. During the 15-year period from 1937 to 1952, the membership has grown from approximately 4500 to over 9000 members. The system provides retirement benefits for members mem-bers with 30 years of service at 55 years of age or later; to those with 15 years of service at 60 years of age or later, and to those with 10 years, of service at 70 years of age when retirement is compulsory. Each member's retirement re-tirement allowance varies according to a mathematical formula which is used in computing his benefits. In general, gen-eral, the greater the number of years of service, the greater the monthly benefits. Members of the system contribute from 7.18 to 10 percent, per-cent, depending upon age when entering school employment, employ-ment, of their salary, up to $2500 each year. The State, by law, is pledged to match retirement benefits of indi-vidal indi-vidal members up to a limit of $50 a month for those teachers whose retirement is based on service since 1937. For teachers whose retirement is based partially on service ser-vice before 1937, the state limits the total retirement allowance al-lowance to $100 per month. |