Approved Number of Teachers Present Contributing Membership from Deductions from Salaries Approximate Amt. TABLE III SUPPLEMENTARY TO GOVERNMENT AND MUNICIPAL PENSIONS BY AMOS W. BUTLER Status of Teachers' Retirement Funds in 1897. Review of Reviews, Vol. XV *The legislature of Illinois, in its session of 1907-8, enacted a new law for Chicago. Under this law the sources of funds will be premiums paid by teachers, gifts, and city funds. All teachers employed after the law is effective are required to contribute to the fund, and the older teachers may become members on complying with certain conditions. The dues are $5.00, $10.00, $15.00, and $30.00, according to class, the class being fixed by length of service. The annuity after 25 years of service is $400.00; in case of permanent disability a share of this amount, determined by former contributions to the fund. Arrangement is made to refund payments made by a teacher who is discharged and one-half the payments made by a teacher who retires voluntarily. Minimum annuity Present Number of Annuitants Average Annuity Maximum Annuity Average Yrs. Service of Retired Teacher Service Required Minimum Years' Joining Elective 35 F. 20, M. 25 No $57,000.00 F. 30 30 20 Yes None F. 25, M. 30 Yes None Amt. of Permanent Fund The minimum annuity is $250 and the maximum $600. No teacher can be retired under these legal provisions unless he or she shall have first paid into the fund such sum as shall make his or her total payments into said fund equal to at least 20 per cent. of his or her average annual salary for the five years immediately preceding the time of retirement. The fund is maintained by deductions from salaries, I per cent. of annuities, gifts, legacies, and interest on investments of the funds. In 1895 a law was enacted in California (amended in 1897 and in 1901) to create a public-school teachers' annuity and retirement fund in the cities and counties of the state. Teachers become contributors and beneficiaries by signing a contract and paying dues. The benefits accrue to members who have served 30 years in the schools of the state. The tendency of a system of pensions and sickness insurance is to lengthen the period of service, and thus to increase the number of teachers who have a strong professional spirit and who have time to give the community the advantage of long experience. At the same time it is easier to remove from the service those who are too old and feeble to be efficient without inhumanity. But such pensions ought not to be paid out of the meager salaries even now too low; they should be supported from taxation, only those receiving over $1,000 being required to contribute and having higher rates of pensions on this account. |