OCR Text |
Show TUCK SEEKING II PE1S1 EfflD IN THIS STATE Salt Lake. Feb 10. Under the provisions pro-visions of chapter 91 of the Utah session ses-sion laws of 1913, the state board of education is authorized to organize a public, school teachers retirement commission upon the written request of a majority of the teachers cm-ployed cm-ployed in the state outside of cltl B of the first class. The purpose of the commission is the pensioning of teachers who have retired from serv ice after at least twenty years of teaching. Applications to the number of 13S0. now on file in the office of E. G Qowans, state superintendent of public pub-lic Instruction, constitute the necessary neces-sary majority with a margin or about 100 Under the law, it is now the duty of the state board to proceed with a temporary organization, which will serve until the first regular election. elec-tion. Elections must be held in even numbered years in Salt lake ( if., the time and place to be designated by the state superintendent of public Instruction The commission must connst of fifteen members, the state-auditor. state-auditor. .o treasurer the state superintendent super-intendent of public instruction and l I the attorney -encral being members I Eleven members are to be elected from the retirement association by the members of the association Derivation of Funds. Funds for the purpose of the organl zation are to be derived from three sources. The first source is a levy of 1 p.T cent on ;he payroll to apply to all teachers who fitter the emploj of the public schools s.ibseqm tit i.o the time of organization The second source is in the diversion to the fund of all amounts deducted from teai I ers' salaries on account of absence through sickness, not to exceed live days in any one year for a teacher Provision is made for the payment of the money derived from both sources to the treasurer of the com mission by the disbursing officer f each school board. The third source includes donations lega ies and bequests be-quests and the funds derived therefrom there-from is to constitute the permanent fund, the interest only going to the current fund which is de-rived from the first two sources. In case of death of a member of the association before retirement, relatives rel-atives or the estate of the deceased member shall be entitled, according to the law, to a refund of the total amount paid into the fund by that member Should the current fund at any time be insufficient to meet the full payment of all annuities, provision provi-sion is made that payment shall be made pro rata from the funds avail able. |