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COMMITTEE OF THE EDUCATIONAL COUNCIL.. Pensions and tenure of office of teachers. In its Proceedings, 1908. p. 30-34. JONES, ADDISON L. Need of retirement fund for teachers. Pennsylvania school journal, 56: 529-32, May 1908. JONES, E. A. A state wide pension system. Ohio educational monthly, 59: 317–24, July 1910. KANSAS CITY, MO. TEACHERS' PENSION COMMITTEE. Report on teachers' pensions. Missouri school journal, 27: 363–64, August 1910. KEYES, CHARLES H. Teachers' pensions. In National education association. Journal of proceedings and addresses, 1907. p. 103-08. "Statement of reasons why pensions should be provided for teachers in public schools, and account of some ways in which the matter is managed in the United States." Reprinted in Journal of education, 66: 199-202, August 1907. LANGE, ALEXIS F. A proposal for a state retirement system. Sierra educational news, 5: 22-26, December 1909. MASSACHUSETTS. BOARD OF EDUCATION. 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Wisconsin journal of education, 43: 160-64, June 1911. APPENDIX A. TYPICAL PENSION AND RETIREMENT LAWS. MASSACHUSETTS 1 (1913). SECTION 1. The following words and phrases as used in this act, unless a different meaning is plainly required by the context, shall have the following meanings: (1) "Retirement system" shall mean the arrangement provided in this act for payment of annuities and pensions to teachers. (2) "Annuities" shall mean payments for life derived from contributions from teachers. (3) "Pensions" shall mean payments for life derived from contributions from the Commonwealth. (4) "Teacher" shall mean any teacher, principal, supervisor, or superintendent employed by a school committee, or board of trustees, in a public day school within the Commonwealth. (5) "Public school" shall mean any day school conducted within this Commonwealth under the order and superintendence of a duly elected school committee, and also any day school conducted under the provisions of chapter 471 of the acts of the year 1911. (6) "Regular interest" shall mean interest at 3 per cent per annum, compounded annually on the last day of December of each year. (7) "Retirement board" shall mean the teachers' retirement board, as provided in section 4 of this act. (8) "Retirement association" shall mean the teachers' retirement association, as provided in section 3 of this act. (9) "Expense fund" shall mean the fund provided for in paragraph numbered 1 in section 5 of this act. (10) "Annuity fund" shall mean the fund provided for in paragraph numbered 2 in section 5 of this act. (11) "Pension fund" shall mean the fund provided for in paragraph numbered 3 in section 5 of this act. (12) "School year" shall mean the 12 months from the 1st day of July of any year to the 30th of June next succeeding. (13) "Assessment" shall mean the annual payments to the annuity fund by members of the association. ESTABLISHMENT OF A TEACHERS' RETIREMENT SYSTEM. SEC. 2. A teachers' retirement system shall be established on the 1st day of July 1914. TEACHERS' RETIREMENT ASSOCIATION. SEC. 3. A teachers' retirement association shall be organized among the teachers in the public schools as follows: (1) All teachers, except those specified in paragraph (3) of this section, who enter the service of the public schools for the first time on or after July 1, 1914, shall become thereby members of the association. 1 Contributory plan. (2) All teachers, except those specified in paragraph (3) of this section, who shall have entered the service of the public schools before June 30, 1914, may, at any time between July 1, 1914, and September 30, 1914, upon application in writing to the commissioner of education, become members of the retirement association. Any teacher failing to do so may thereafter become a member of the retirement association by paying an amount equal to the total assessments, together with regular interest thereon, that he would have paid if he had joined the retirement association on September 30, 1914. (3) Teachers in the service of the public schools of the city of Boston shall not be included as members of the retirement association. STATE TEACHERS' RETIREMENT BOARD. SEC. 4. (1) The management of the retirement system is hereby vested in the teachers' retirement board, consisting of seven members-the insurance commissioner for the Commonwealth, the bank commissioner for the Commonwealth, the commissioner of education for the Commonwealth, three members of the retirement association, and one other person. Upon organization of the retirement association the members thereof shall elect from among their number, in a manner to be approved by the insurance commissioner, the bank commissioner, and the commissioner of education, three persons to serve upon the retirement board, one member to serve for one year, one for two years, and one for three years; and thereafter the members of the retirement association shall elect annually from among their number, in a manner to be approved by the retirement board, one person to serve upon the retirement board for the term of three years. The seventh member of the retirement board shall be elected annually by the other six to serve for the term of one year. On a vacancy occurring on the board, a successor of such person whose place has become vacant shall be chosen in the same manner as his predecessor to serve until the next annual election. Until the organization of the retirement association and the election of three representatives therefrom, the insurance commissioner, the bank commissioner, and the commissioner of education shall be empowered to perform the duties of the retirement board. (2) The members of the retirement board shall serve without compensation, but they shall be reimbursed from the expense fund of the retirement association for any expenditures or loss of salary or wages which they may incur through serving on the board. All claims for reimbursement on this account shall be subject to the approval of the governor and council. (3) The retirement board shall have power to make by-laws and regulations not inconsistent with the provisions of this act, and to employ a secretary who shall give a bond in such amount as the board shall approve, and clerical and other assistance as may be necessary. The salaries shall be fixed by the board, with the approval of the governor and council. (4) The retirement board shall provide for the payment of retirement allowances and such other expenditures as are required by the provisions of this act. (5) The retirement board shall adopt for the retirement system one or more mortality tables, and shall determine what rates of interest shall be established in connection with such tables, and may later modify such tables or prescribe other tables to represent more accurately the expense of the retirement system, or may change such rates of interest, and may determine the application of the changes made. (6) The retirement board shall perform such other functions as are required for the execution of the provisions of this act. |