E.—9

2

June, 1910 ; the Act also fixed a maximum retiring-allowance of £300 per annum in the case of persons who become contributors to the fund after the passing of the Act (24th December, 1909). The chief difference between the Act of 1908 and the former Acts affected the basis of calculation of the retiring-allowance of a contributor. The retiringallowance was to be one-sixtieth of the average rate of salary received during the three years next preceding retirement, for each year of service, provided that in no case may the allowance exceed two-thirds of that salary : under the former Acts the basis had been one-sixtieth of the total salary received by the contributor during the period of contributing to the fund (or, in other words, one-sixtieth of his average salary for each year of service during the whole period of contribution), and, in addition, in the case of original members, one one-hundred-and-twentieth of the salary during the years of service between Ist January, 1878, and Ist January, 1906, with a further proviso that in no case should an original member receive a retiring-allowance of less than £52 per annum. By the same Act of 1908 the right of persons employed on Ist January, 1906, as teachers in public schools or under the Education Department to be admitted at a future date was taken away. At the end of 1909,— The number of contributors was .. . . .. . . .. 3, 152 Of whom members under Part IX of Education Act, 1908, number . . 144 The annual rate of contribution paid as at the end of the year was over £35,500. The number of retiring-allowances in force was 216, representing an annual charge of over £9,500. Of these,— Ordinary allowances were .. .. .. .. 120, representing £7.31<> Allowances in medically unfit cases .. .. 17, „ 1,013 Allowances to widows .. . . . . . . 38, „ 689 Allowances to children .. . . .. 41, „ 533 The balance at the credit of the fund and invested by the Public Trustee at the end of the year was . . . . . . . . . . £118,615 The average rate of interest earned by the investments at the end of the year was 478 per cent. ____ __ _ No. 2. FOURTH REPOET OF THE BOARD CONSTITUTED BY THE PUBLIC SERVICE CLASSIFICATION AND SUPERANNUATION AMENDMENT ACT (PART I), 1908. Fok the Year ending 31st December, 1909. The Honourable the Minister of Education. Sir,— Wellington, 19th July, 1910. The Board has to submit the following report for the year ending 31st December, 1909. The number of contributors to the fund on the 31st December, 1908, was 2,931, composed of 2,416 original members and 515 ordinary members. Under the provisions of Part II of the Public Service Classification and Superannuation Amendment Act, 1909, the benefits provided for under the Act of the same title in 1908 were extended conditionally in regard to age and length of service of contributors, as from the date (Ist April, 1910) of the Act coming into force in that respect. It was also provided, as from the date (24th December, 1909) of the passing of the Act, that no person who became a contributor after that date shall be entitled on his retirement from the Education service to a retiringallowance exceeding three hundred pounds (£300) per annum ; and that the operation of section 24 of the Act, 1908, be extended to the 30th June, 1910 —those contributors who had already made the election therein referred to (to remain subject to the provisions of the original Act—Part IX of the Education Act 1908) were also given the option of revoking such election.