§ 49-5-916. Deficiencies Supplied From Sinking Fund
At any time that the funds in the hands of the public treasury to the credit of the fund become insufficient, the board of trustees shall assign, as soon and so far as can practically be done, from the sinking fund under its control, to the city or town treasurer, or county trustee, so that […]
§ 49-5-912. Delegation of Duties by Trustees
The board of trustees shall have authority to elect one (1) or more of its body whose duty it shall be to actually attend to the duties and obligations of the trust, and to make an adequate solvent bond for the faithful performance of its duties and the safekeeping of the fund.
§ 49-5-913. Management and Investment of Fund
The board shall manage, lend, maintain, keep or deposit such funds for the benefit and uses of the public school teachers’ retirement fund. The board shall receive all moneys from donations, legacies, gifts, bequests, and any surplus that may remain at the end of any fiscal year, from the sum or sums contributed and paid […]
§ 49-5-914. Receipt and Delivery of Contributions
The city, town, or county treasurer or trustee shall receive and retain on deposit to the credit of the public school teachers’ retirement fund each annual contribution made, as provided in this part, until the end of the fiscal year. At the end of the fiscal year the contributions shall be delivered to the board […]
§ 49-5-915. Sinking Fund — Purposes
The public school teachers’ retirement fund held in trust by the board of trustees shall be known as the sinking fund of the public school teachers’ retirement fund, and is created and held for the purposes and uses of supplementing any deficiencies that may occur in the fund or account in the hands or under […]
§ 49-5-902. Rules and Regulations
The school boards shall adopt the necessary rules and regulations, fix the basis or amounts of the annuities and the contributions made and prescribe all other necessary provisions to put this part into operation. Any rule or regulation that affects either the collections or expenditures of the fund shall be approved by the municipal governing […]
§ 49-5-903. “Teacher” Defined
As used in this part, “teacher” means and includes any director of schools, assistant director of schools, principal, assistant principal, supervisor, assistant supervisor, persons in charge of any special department of instruction, and any teacher or instructor regularly employed as such by the school board of such city or county, town or district.
§ 49-5-904. Maximum Annuity — Contribution Rates
No pension or annuity shall be provided exceeding three-fourths (¾) of the salary paid the teacher at the time of retirement, and in no event shall it exceed the sum of six hundred dollars ($600) per annum. The maximum assessment on any teacher coming under the operation of this part shall not exceed two and […]
§ 49-5-905. Deficiencies in Contributions
Any teacher who has not contributed to the minimum amount may make up the deficiency by a cash payment in full with principal and interest or by having it deducted in equal amounts from the annuity installments.
§ 49-5-906. Eligibility for Benefits
Every teacher who has annually contributed to the fund in accordance with this part for at least five (5) years and has taught in the public schools not less than twenty-five (25) years, fifteen (15) years of which have been in the public schools of a city, town, county or district, may be retired by […]