TEACHER'S UPERANNUATION

Gisborne Times, Volume XIX, Issue 1512, 21 July 1905, Page 3

TEACHER'S UPERANNUATION

measure: sub jut.tkd b,y, this GOyERNMEMT^

(Special to Gisborne Times.)| . (Official Message.)

’ WELLINGTON, last night; S4,u Act ia’establish a superannuation fund ion leathers and others in the senvice of Education. Boai'US aitu other educational bodies, ’ 1, Tha short title OS this Act it' M .Teachers' Superannuation Act, J. 305,” and it shall come into operaifcinn on ithe first day. pi January. . dt’o6. Cl 2. In this Act, if not inconsistent with the coneexti, ?*• Board means , the Teachers’ Superannuation Board pndec this Act. (A list pi other definitions is then given.) 6. Thero is heroby, established » fund to be called The Teachers’ ScQarannuation l?und.’t .The __fund ' Shall consist of (a) the contributions of persons in the education service, as hereinafter! provided ; (b) money, at any time paid into the fund un.i:r sections 21 and 22 hereof; (C) interest from time to time accruing from investment of the moneys of the; funds as hereunder provided,, £: Every person who at the eotatrercement of this Act is permanently employed in any. capacity for not less than twenty heure in a week in rfcho education service may at any time* within sis months after the Dommemcement of this Act elect to ■become a contributor to this fund; if he so elects .he shall be entitled to aJI the benefits of tho funds, subject ,tq the provisions of this Act; if ha does not so elect he shall not at any time become a contributor io the fund oh participate i»p its benefit i creep's on the payment of such sum. and oa such, conditions as the Board .determines. 5, With respect to teachers who are first permanently employed in any public school after the epeamerjeoment of this Act it shall be a condition of their employment that they shall contribute to the fund and bs entitled to the benefits hereinafter .Provided. 6. With respect to all other persons who are first permanently employed in the education service after the commeDcement of this Act, .the following provisions shall ap nly : (a) Every such person may at any time within six months after date of his appointment elect to contribute t?o the fund ; (b) if he so elect,, iut Shall, sjjbject to the provisions of tho Act, Be entitled to all benefits of the fund ; (c) if he does not so

elect ho shall not at any future time

become a contributor to the fcincl -is „ in the benefits, except on sj\feyinent of such sum and on such conditions as the Board determanes.

7. The Contributions from members shall in each case he at the follow--ing percentage of the pay of each member respectively, and shall be- , deducted at the period of each monithlj payments ox salaries that is to say: (a) five per, centum if bis age is not more than 30 years at the' jjame 'when the first contribution reclames payable; (b) six per Centum if his age then exceeds BO years but does not exceed 35 years ; (c) seven per centum if his ago then exceeds 35 years but does not exceed 40 years; (d) eight, per centum -if his • age then exceeds 45 years; nine per centum if his age then exceeds 4-5 years but "dojes no 5 exceeds 50 years; (f) ten per centum if has age theg exceeds 50 years. Tho amount so deducted Khali forthwith be paid by the board or other governing body charged with the 'duty of paying Teachers’ salaries to'the. public trustee '‘to the credit of an account in the name <if the'fund, Male members who have contributed to the fund d,uring the ■period of 40 years and female members who have contributed during L Period of 35 years shall- he entitled ko all the benefits of the fund without furthan contributions:. If ab Bey time the pay of a contributor is temporarily stopped on the ground 02 iH-hdalth he shall he permitted to continue to contribute to the fund ip such 'maimer and to such extent as, may be prescribed by the re* , gulaiicns. 8. The Public Trustee shall Iron time to time invest moneys of the fond or part thereof in such lawful securities prescribed by the regulations as will return the highest rats of interest ; the interest on the tnoieys of the fund paid into the fund -by the Public Trustee shall be at a rate not less than four per centum pen annum. (The message, which Ss signed by * T the Premier* oontiaues at consideriyßblo length to outline the pro- - visions of the Act, hut the full text, cannot be given this morning.)