Chap. 187.—An ACT creating and establishing a teachers’ retirement fund
in the city of Richmond.

Approved January 27, 1900.
1. Be it enacted by the general assembly of Virginia, That there is

hereby created and established a teachers’ retirement fund in the city of
Richmond to be constituted and managed as hereinbefore provided:
2. The city superintendent of the public schools of the city of Rich-
mond, two of the principals to be chosen from their own number, the
chairman of the city school board, and three other members, to be desig-
nated by the school board of said city, shall constitute a board of trustees,
who shall have the general care and management of the public school
teachers’ retirement fund created by this act.

3. They shall organize as such board by choosing one of their number
as chairman and one as secretary. The said board of trustees shall from
time to time establish such rules and regulations for the administration
and investment of said fund as they may deem best, and shall make
payments from said fund of allowances granted in pursuance of this
act.

4. The city treasurer shall be custodian of the said fund and hold and
keep the same subject to the order, control, and direction of said board of
trustees. He shall execute a bond to the city with good and sufficient
securities subject to the approval of said board of trustees, conditioned
for his faithful performance of the duties hereunder. Such bond shall
be filed in the clerk’s office of the chancery court of said city, and in case
of a breach of the same, or the conditions thereof, suit may be brought
in the name of the city for the use of said board or of any person or
persons injured by breach of the same. —

5. The said treasurer shall report to the board of trustees the amount
and condition of said fund on June the thirtieth of each year, and shall
receive such compensation as the board of trustees may decide: provided,
said compensation shall not exceed one per centum annually of the
amount paid into said fund during the year.

6. The public school teachers’ fund, created under this act, shall con-
sist of the following monevs—to wit: (a) An amount not to exceed one
per centum per annum of the salaries of all persons employed in the
department of education as elect to become beneficiaries of said fund.
(b) All moneys and property received by donations, legacies, gifts, be-
quests, or otherwise for or on account of said fund. (c) All moneys
which may be derived by such other methods as may be duly and legally
devised for the increase of said fund.

7. Any female teacher, contributor to said fund, who shall have tan¢ht
in public schools for twenty-five years, and any male teacher who shall
have taught in public schools for thirty years may be retired and become
an annuitant of this fund: provided, that four-fifths of such service
shall have been rendered in the public schools of the city of Richmond.

8. Such teacher shall be entitled to an annuity out of said fund, paya-
ble quarterly, of one-half of his or her annual salary at the time of retire-
ment: provided, said annuity shall not exceed four hundred dollars; and,
provided further, that if at any time there shall not be sutlicient monev
in said fund to pay the aggregate for annuities payable under this act,
such annuities shall be reduced pro rata.

9. No teacher shall become an annuitant under this act until he or
she shall have paid into the retirement fund an amount equal to twenty
per centum of his or her annual salary at the time of retirement, and no
annuity shall be paid sooner than year nineteen hundred and three.

10. If at any time a teacher willing to continue in service shall not be
re-employed, or shall resign before the time when he or she would, under
the provisions of this act, be entitled to an annuity, then such teacher so
desiring shall be paid back, without the accrued interest, the amount
that has been deducted from his or her salary under this act.

. Teachers wishing to become beneficiaries under this act shall
sien a notice in substantially the following form:

, 1900.
To the board of trustees of the teachers’ retirement fund:

You are hereby notified that I agree to be bound and desire to avail
myself of the provisions of the act of the legislature of Virginia, approved
——_—_—_——_——., nineteen hundred, entitled an act creating and establish-
ing a teachers’ retirement fund in the city of Richmond.

b
Public school teacher
12. This act shall be in force from its passage.