72-2697. Same; retirement and payment; conditions. Any teacher who has been credited under the rules and regulations of such board of education with an aggregate of thirty years of teaching experience may be retired by the board of education. Any teacher so retired under the foregoing provisions of this section, provided that at least twenty years of such accredited teaching experience shall have been in the public schools of such cities of the first class, shall be entitled to receive from such retirement fund, so long as such teacher may live, equal monthly payments, which shall aggregate one-third of such teacher's average annual salary for the last ten years of such teaching, except that no such teacher so retired shall receive less than five hundred dollars per annum or more than nine hundred dollars per annum; any other public school employee who has been credited under the rules and regulations of such board of education with an aggregate of thirty years of experience under such regulations of such board of education, may be retired by such board of education. Any other public school employee so retired under the foregoing provisions of this section, provided that at least twenty years of such accredited experience shall have been in the public schools of such cities of the first class, shall receive from such retirement fund, so long as he or she shall live, equal monthly payments which shall aggregate one-third of such public school employee's average annual salary for the last ten years of such service, except that no such public school employee shall receive less than three hundred sixty-five dollars per annum or more than nine hundred dollars per annum: Provided, however, That no teacher or other public school employee shall receive such pension without paying into the fund by way of assessments or otherwise, not less than the amount of the first annual pension to which such person shall be entitled and in order to make up such an amount, the board of education may provide for any deficiency by deducting the necessary amount from the first year's pension payments in equal amounts each month.

History: L. 1941, ch. 340, § 3; June 30.