nineteen hundred and seventeen, any present-teacher for arrears of salary covering in whole or in part te, the comptroller of the city of New York before deduct therefrom the per centum of salary theretoacher to the retirement fund of the board of educa» said date, and said deduction shall be paid into er two.

the passag

and supery able in the salaries pr

shall be t

mounts s

cent fund.

alary

aid person this act, sh other meth

to a pension, an annuity, or a retirement allowance, Cons, the pension, annuity, or retirement allowance any other right accrued or accruing to any person s act, and the moneys in the various funds created exempt from any state or municipal tax, and exempt ment, attachment, or any other process whatsoever, except as in this act specifically otherwise provided. anagement of the public school teachers' retirement er city of New York by chapter two hundred and ighteen hundred and ninety-four, and of the public fund created for the former city of Brooklyn, by fty-six of the laws of eighteen hundred and ninetyboard of education, and the said funds are hereby ent fund of the board of education of the city of ct. The board of education shall from time to time, egulations for the administration of said fund as it es and regulations shall preserve all rights inhering of New York and the city of Brooklyn as constituted act; and said board shall make payments from said n pursuance of this act. The comptroller of the city nd invest all money belonging to said fund, and by education, shall pay out the same; and he shall rd of education of the city of New York, annually, e condition of said fund and the items of the receipts ount of the same. The said retirement fund shall ith the interest and income thereof: (1) All money, 7, or any income thereof forfeited, deducted, reserved, from any member or members of the teaching or blic day schools of the city of New York or of the g department of the normal college of the city of · classes maintained in institutions controlled by the ties or by the department of correction, in pursuance be established by the board of education, or by the rmal college of the city of New York, or by the comes, or by the commissioner of correction for schools uch commissioners respectively. The auditor of the ditor of the board of trustees of the normal college,

of said fun thirty-first

therefrom

for absence

after that been credit

hundred an

or before s

The unexp

year ninete the said p fund, and necessary,

tion may

thousand d the board

said board

city superi cipals, ass constitute chosen as assistants the distric said meeti

ballot one

the close o the board chosen. T on the thir by ballot Fears from trict repre three of t

ssioner or puonic cnarities, and the commissioner of correction si ssage of this act, deduct on each and every payroll of the said pervising staff said one per centum from each and every amo I the period covered by the said payroll, notwithstanding the s provided for by section ten hundred and ninety-one of the be thereby reduced, and shall certify monthly to the comptr ts so deducted; and said amounts shall be turned into the sa und. All deductions made under the provisions of this clause of any person who may be dismissed from the service for caus erson shall have become eligible for retirement, under the pro et, shall be refunded to said person upon such dismissal. (5) nethods of increment as may be duly and legally devised for the 1 fund. The moneys standing to the credit of the retirement fu first day of December, nineteen hundred and four, after su rom any amounts forfeited, deducted, reserved or withheld from sences prior to that date, which may, on excuse of absence, be chat date, all excise moneys of nineteen hundred and four which credited to said fund on or before that date, and all interest for ed and four on said fund, which may have been credited to said ore said date, shall be set apart by the comptroller as a perman nexpended balances of the income of the teachers' retirement fur nineteen hundred and five, and for all subsequent years shall be aid permanent fund. The comptroller shall invest the said p and the income thereof may be used for the payment of annuiti sary, in order to carry out the provisions of this act, the board may use any portion of the permanent fund in excess of eight and dolllars in the same manner as the income thereof. The pre pard of education, the chairman of the committee on elementary board, the chairman of the committee on high schools of said h uperintendent of schools, and three members to be selected from , assistants to principals and teachers of the public day scho itute a board of retirement. The three last-named members n as follows: On the second Thursday of May in each year the I cants to principals and teachers in each district shall meet at t istrict superintendent, which call he shall issue at least one we meeting, and at a place within the district designated by him, to t one of their number as district representative to serve for one lose of said meeting, the presiding officer shall transmit to the se board of education the name and address of the district represen en. The district representatives shall meet at four o'clock in the he third Thursday of May at the hall of the board of education at allot one of their number to serve on the board of retirement s from the first day of the following June. At the first meeting o representatives after this law takes effect, they shall choose e of their number to serve on the board of retirement, and the

nineteen

amended

and sixte §3. T

teen, exc graph on provides

to make rides tha be deeme

the department of public charities or by the departbeen engaged in the work of teaching or of school examination of teachers for licenses, or any two ds of work, for a period aggregating thirty years, een in any of the said institutions. The said board power, by a two-thirds vote of all its members, and t effect shall have been made by the board of trusating that the member of the supervising or teachsically incapacitated for the performance of duty, teaching or supervising force of the normal college nt of the normal college who shall have been enor training department or elsewhere in the public New York for ten years and shall have been enng or of school or college supervision or of exami s, or any two or more of said several kinds of work, twenty years. The said board of education, upon rustees of the normal college may also, in its discree teaching or supervising force upon his or her own been engaged in the work of teaching or school or nation of teachers for licenses, or any two or more ▪d aggregating thirty years. Upon such retirement, wise, the person retired shall be entitled to receive rs' retirement fund of not less than one-half of the person at the period of retirement, and in case of sor to such an additional sum per annum as will e salary previously paid if not an even multiple of even multiple of one thousand dollars. Any person of this act after thirty years of service, except as provided in the case of the president or of a proshall receive as an annuity one-half of the annual the date of said retirement, not to exceed, however, principal, the sum of fifteen hundred dollars per a supervising official, two thousand dollars per all the annuity of any person already retired or r thirty years of service be less than six hundred after twenty years of service, but with less than receive an annuity which bears the same ratio to retirement after thirty years of service as the total of said person bears to thirty years. The annuities ill be payable in monthly installments. All retiresions of this act shall take effect either on the first first day of September. The number of persons ree so limited that the entire amount of the annuities ll not be in excess of the estimated amount of the

inety-two-b, as amended by chapter five hundred and five of een hundred and nine, and section ten hundred and nine ded by chapter six hundred and thirteen of the laws of ninet ixteen, are hereby repealed.

This act shall take effect on August first, nineteen hundred except as to subdivisions B, C, D, E, paragraph 5; subdivis one, and the provision of subdivision F, paragraph 5, part des for the election of a rate of salary deduction by any per ike such election and the further provision of the same part that if any person entitled to make such election fails so to emed to have elected a deduction from his salary at the rate m of his earnable salary; subdivisions H, T, and U, and as t ch subdivisions, paragraphs and parts of paragraphs this ac ; immediately.

LL For increasing the salaries and for the retirement of employees in civil service, introduced December 6, 1915, by Mr. Austin, of Tenne

it enacted by the Senate and House of Representatives of es of America in Congress assembled, That beginning with the next following the passage of this act the annual salary, pay n of every officer or employee of the United States to whom thi be increased to an amount, computed to the nearest multiple be equal to one hundred and fifteen per centum of the prese 'y, pay, or compensation of such officer or employee, and from or compensation there shall be deducted and withheld monthly outed to the nearest tenth of a dollar, that will be sufficient, v eon at five per centum per annum, compounded annually, to pu United States, under the provisions of this act, an annuity, p throughout life, for every such employee on arrival at the a t as hereinafter provided, equal to one and one-half per ce al salary, pay, or compensation for every full year of servi tion thereof between the date of the passage of this act and th employee at the age of retirement. The deductions hereby I be based on such annuity table as the Secretary of the Ti et, and interest at the rate of five per centum per annum, compo and shall be varied to correspond to any change in the s oyee.

cc. 2. That the amounts so deducted and withheld from the sa pensation of each employee shall be deposited in the Treasury o es and shall be credited, together with interest at five per im, compounded annually, to an individual account of the em se salary, pay, or compensation the deduction is made. The acted and the income derived therefrom may, from time to time,

e taxable property therein, to be ascertained by of property for the assessment of taxes. In this tedness mean the indebtedness of any city or for supplying the inhabitants with water and of taxes to be paid within one year, and deducting 3 available for the payment of the indebtedness he Treasury shall accept, for the purpose of this ated in such proportions as he may from time to at any time require the deposit of additional I to change the character of the securities already luty of the Secretary of the Treasury to obtain the value and character of the securities authorprovisions of this section, and he shall from time to savings banks as to such bonds as would be consistent with the best interests of the fund tary of the Treasury shall distribute the deposits practicable, equitably among the different States

etary of the Treasury shall not be able to make h savings banks for all of the funds, then he may e aforementioned securities.

salaries and the income derived therefrom shall sted, as above described, by the Secretary of the ereinafter provided. Any deficiency in the fund he provisions of this act shall be paid out of any herwise appropriated.

the Secretary of the Treasury in depositing and this act, a board of investment is hereby created, he United States, the Comptroller of the Currency, by the provisions of this act, and two persons to t from among the employees of the classified civil board of investment shall be sworn and shall hold d and qualified in their stead.

age herein referred to shall be sixty-five years for r group two, and seventy years for group three. ed States shall designate the branches of the servip.

days before the arrival of an employee at the age department or independent office in which he is tary of the Treasury that by reason of his efficiency in the service the continuance of such employee s to the public service, such employee may be reng two years, and at the end of two years he may tinued for an additional term of two years, and so

States und Option I If after going optio of two per ment shall got then v Covered int SEC. 7. T retirement

savings in years, he rate of five amount to foregoing death of a

with the in

SEC. 8. 1

of this act

or compen act applies

pensation promotion

withheld