Teachers Superannuation.

Taranaki Daily News, Volume XLVII, Issue 7878, 21 July 1905, Page 2

Teachers Superannuation.

Measure Before the House. I Through Uiu courtesy of tlw G O . verninent we are enabled t,o give n summary of the principal clauses l of the Hill providing .superannuatiii'i lor teachers, which way introduced into the House of Representatives lasi night.

1 hi' sthenic is to come into operation on Jan. 1,-1006.

Alter making proviaiiun (or conumtributors joining the funds, the Itill stites that the following per-

I'civtncr.'S sliiivJX be deducted from each month''' salary (a) five per centum 1 his t .r. 1 is not more 1/iiin 30 years at the time when the first contribution becomes payable; lb) six per centum if 'Ms age exceeds 30 years bi.t does not exceed 35 years; (c) seven per centum if his age then oxer eds 35 years, but does not exce;'l 40 years ; (d) eight per cent, if liis ace then exceeds 40 years, but does not exceed 45 years; ,(o) nine per c_-nt. if his iage> then exceeds 4."

j ears, but does not exceed 50 years - (f) 10 per cent,, if his age then ex-, ceeds fifty yoars. Malo-mcmJjers who have contributed to the fund during a period of t 4O years, and female members who have contributed during a period of 35 yciars shall be erititiled to all benefits of the fund wilh'out further contribution ; if at any time :ho pay of a contributor ii> temporarily stopped on the ground of illh.'alth he shall be permitted -to ' continue lo contribute to lt-ho fund < in ;uch nianner an-.l to such extent as may be prescribed by the regulations.

The fund shall -be administered by a bo,ard called The Teachers' Superannuation Hoard, consisting of ten 'members, namely : The Minister for Education 1 , Solitiitor-lieneral, i'ublic Trustee, Inspector-General of Schools, Controller and Auditor-Genera'. President of the New '/iealand Educafion-

\1 Institute, two persons to bo elected from among their number by tho contributors resident in ( the North 1 Island, and two [mrsons to he elected from those in the South Island. A 'separate ballot of oontributfors resident in the North and South Islands respectively shall be taken on the first Monday in March, I'JOfi, ani thereafter on the same Monday in '.'very thii'd year.

It is provided that no payment, shall bo made out of tiie fund before I lie lirst duy of April, 1908. Every male contributor ivho has It-iined the age of 65 years slitill TCtirs from tile education service, and every such contributor who has a't:a ini'd the age of sixty years may, it any time after the expiration lluee months' notice of his intention so to do, from such service.

■ Every fcmalo contributor who has lttuincd the age of sixty years shall retire from the education service, and

every such contributor who tius attained the age of fifty-five yearsgnay, it any time after the expiration of three months' notice of her intention so to do, rctim from such service. On retirement every contributor

hull be entitled to receive from t.h* fund an annual allowance for the rest of his life computed as follows : One-

sixtieth part of the total salary paid during all the years of his eontributo the Jund, provided that the an-

nual allowance payable to an original member shall" in no case be les* t-han ttw strm ol &.V2.

Every contributor whose length of service does not exceed fifteen years, who retires Iroin the service on the groufiO of being medically unfit, shall no entitled tp receive from the funfl the whole amount of his contributions without interest, provided' that an original member whose length oi service exceeds five years, but docs not exceed fifteen yifors, shall be. entitled to such additional amount in

lone or .more sums at> the Bound, huv- | ing regard to the drcuni.stances of [each case, determ lies, but not exceeding in the whole the present, value of an allowance computed as| menToned in the last section, and not being less than the whole amount of his contribution without interest. Every contributor who retires from the service voluntarily before attain* ing the ago nl «' lieh he-is "entitled to retire,, or who is dismissed from the service, shall be entitled to fceceivd irom the fund the whole amount of His contributions without .-interest

Tf any contributor dies before be"oin'nc until led to a retiring allowance, and' not leaving' a widow, there ■ihall Jjo paid from the fund 'to his legal personal representatives the whole amount of his conrtritotiions without interest.

Jf lie dies after Wyoming entiUod. to

,i retiring allowance, and not leaving a widow, shall be paid from ihe fund to his legal pcreoimal representatives the balance njipaid, if any, :>f three years' retiring srtlowaficc If any male contributor dies before | becoming entitled to "a retjiring| allowance, leaving a, widow, there shall ho paid from the fund to the widow -inch sum or sums as the Hoard in accordance "with the regulations in each case determines, being not feis than the whole amount of the contributions, and not less in any one year than tho annuity which may Ik? vielded in th« fund by the totui amount of the contributions, together with £2OO, provided that the present value at the time .of death of all such suinc slilall not exceed £2OO, to-

i°ther with the whjolo amount of the contributions provided, also that tiny lllowance to the widow in excess of the whole amount of the contributions shall cease on her re-marriage ■>r death. If B contributor dies after becoming entitled to a retiring allowance, leaving a widow, itherc shall bi paid to the widow such sum or sums is the Hoard determines as aforesaid, being not less in the whole Umh the. balance unpaid (»f any) of three

(ears' retiring allowance, hndi not 'ess in any one year than 'the annuity which may be yielded in tho fund

by siie.i. balance, together with £2OO, provided that the present value at ■he time of death of all such stvms •iliall not exceed £2OO, together witft such balance as aforesaid, provided alsio that any allowance to the widow iu excess of Uilancc shall cense oiv her re-marriagie or death : allowances to l>e puiid montl'v ly. The grantee may, on his retirement, or at any tiuw before receiving His first instalment, elect to accept i sunt equal to tho whole «amount f his contributions to <h,l- fund, in ieu of his retiring 'allowance, in which case he shall lie entitled to receive no further sum. Provision is made for the payment into the fund by Iklnrch 1, liKMi. by the Treasurer, of (lie sum of £.">000, and the liayinent thereafter ni any ileliueney tlmt may occur.