Chap. 202.—An ACT to amend and re-enact an act entitled an act creating
and establishing a teachers’ retirement fund in the city of Richmond, ap-
proved January 27, 1900.

Approved February 15, 1901.

1. Be it enacted by the general assembly of Virginia, That the first.
second, third, fourth, fifth, sixth, seventh, eighth, ninth, tenth, and
eleventh sections of an act entitled “an act creating and establishing a
teachers’ retirement fund in the city of Richmond,” approved January
twenty-seventh, nineteen hundred, be amended and re-enacted so as to
read as follows:

§ 1. Be it enacted by the general assembly of Virginia, That there is
hereby created and established a public school teachers’ retirement fund
in the city of Richmond, to be constituted and managed as hereinafter
provided. :

§ 2. The superintendent of the public schools of the city of Richmond,
two of the principals, to be chosen by the entire body of principals, the
president of the city school board, and three other members thereof, to
be designated by the said school board, shall constitute a board of trus-
tees, 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 a board by choosing one of their num-
ber as chairman and one as secretary. The said board of trustees shall,
from time to time, establish such rules and regulations for the collection,
administration, and investment of said funds as they may deem best,
and shall make payments from said fund of allowances granted in pur-
suance of this act. And the said board shall have power to provide and set
aside a permanent or reserve fund, the income of which may be applied by
the said board to the payment of the annuities as hereinafter provided.
And the said board may, if it sees fit, reserve and withhold from the
annuities hereinafter provided for a sum not exceeding four per centum
of each payment thereof, to be applied to said permanent or reserve fund.

§ 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 security, subject to the approval of said board of trustees, con-
ditioned for his faithful performance of the duties imposed upon him
by this act.

Such bond shall be filed in the clerk’s oflice 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
any person or persons injured by breach of the same.

8 5. The said treasurer shall report to the board of trustees the amount
and condition of said fund on June thirtieth of each year, and shall re-
ceive such compensation as the board of trustees may decide: provided,
said compensation shall not exceed one per centum of the amounts annu-
ally paid into said fund from any and all sources.

§ 6. The public school teachers’ fund created under this act shall con-
sist of the following moneys—to-wit: (a), an amount not to exceed four
per centum per annum of the salary of all white persons employed in
the department of education who may elect to become beneficiaries of
said fund, as hereinafter provided; (b), all moneys and property re-
ceived by donations, legacies, gifts, bequests, or otherwise for or on ac-
count of said fund; (c), all moneys which may be derived by such
methods as may be duly and legally devised for the increase of said fund.

§ 7. Any white female teacher, contributor to said fund, who shall have
taught in the public schools for twenty-five years, and anv white male
teacher who shall have taught for thirty years, may retire and become an
annuuitant 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,
payable quarterly, of one-half of his or her average annual salary for the
five years next preceding his or her retirement: provided, such annuity
shall not exceed four hundred dollars: and provided further, that if at
any time there shall not be sufficient money in said fund to pay the aggre-
gate of 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
times the last annual assessment paid by said annuitant before applica-
tion for retirement, and no annuitant shall be paid sooner than the year
nineteen hundred and four.

§ 10. If a teacher being contributor to this fund and willing to con-
tinue in service shall be dismissed or fail of re-election at any time before
the time when he or she would, under the provisions of this act, be en-
titled 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; said refunding to be upon such terms and
conditions as the board may determine.

§ 11. No person who is employed as a teacher in the public school sys-
tem at the time of the approval of this act shall be entitled to avail him-
self or herself of the provisions hereof pnless application is made within
two years from said approval. And no new teacher entering the public
school system after the passage of this act shall be entitled to become a
subscriber or contributor hereunder unless he or she shall make applica-
tion therefor within two years from the time of his or her appointment in
the public school system.

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

———__—__——,, nineteen hundred and one.
To the board of trustees of the teachers’ retirement fund:

You are hereby notified that I agree to be bound by, and desire to
avail myself of the provisions of the act of the legislature of Virginia,
approved January twenty-seventh, nineteen hundred, entitled an act
creating and establishing a teachers’ retirement fund in the city of Rich-
mond, as amended by an act of the general assembly of Virginia, ap-
proved —————_—, nineteen hundred and one, entitled an act to amend
and re-enact an act entitled an act creating and establishing a teachers’
retirement fund in the city of Richmond, approved January twenty-
seventh, nineteen hundred; and I hereby authorize and direct the school
board of the city of Richmond to withhold from my salary ————— per
centum thereof, as the same may become due and payable, during my
employment by the said school board, and to pay the same into the said
fund.

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