South Carolina - Acts on Education Topics

An Act to Provide for the Creation and Disbursement of a Public School Teachers' Retirement Fund in the City of Charleston.

January 29, 1898

Acts and Joint Resolutions of the General Assembly of South Carolina 1898, Pages 875-876.

Section 1. Be it enacted by the General Assembly of the State of South Carolina, The City Board of Public School Commissioners for the city of Charleston shall have the power to establish what shall be known as the Public School Teachers' Retirement Fund, which fund shall be administered by the Board of Trustees hereinafter provided for. Said fund shall consist of:

1st. All moneys and other property received from donations, legacies, devises, gifts, bequests or otherwise for and on account of the said fund.

2d. On and after April 1st, 1898, the said City Board of School Commissioners shall annually reserve and turn over to the Board of Trustees as provided for in this Act, for the said fund, ten per cent for the first five years and thereafter four per cent of the gross income of the special school fund paid by the city of Charleston.

3d. All interest or income derived from the above moneys.

Section 2. The Chairman of the City Board of Public School Commissioners, together with two other commissioners chosen by the said board, the Superintendent of the Pubilc Schools, who shall be ex-officio the Treasurer of the said board, and a representative to be elected every four years by the teachers of the public schools of the city of Charleston at the same time the School Commissioners are elected, shall form a Board of Trustees, who shall have charge of and administer the said fund; and said Board of Trustees shall invest the same in stock of this State or of the United States, or in bonds of the city of Charleston, and shall make payment from said fund of annuities granted in pursuance of this Act, and shall from time to time make and establish such rules and regulations for the administration of the said fund as they shall deem best.

Section 3. Every teacher in the public schools of the city of Charleston who is over the age of sixty-five years and shall have taught in the public schools for the period of twenty-five years next preceding the time of retirement may be retired, and shall have the right voluntarily to retire, from such service, and upon the certificate of the City Board of School Commissioners that he or she stands in need of maintenance, become a beneficiary under this Act, and every such teacher so retired or retiring shall be entitled to an annuity for the remainder of his or her life, to be paid by the said Board of Trustees out of the said fund equal to one-half of the salary of such teacher at the time of such retirement, at the same times and in the same proportions as the salaries of the teachers are paid; Provided, That the annuity so paid shall in no case exceed two hundred and fifty dollars in any one year.

Section 4. Every teacher in the public schools in the city of Charleston who shall have taught continuously therein not less than twenty years, and has become, without the fault of such teacher, mentally or physically incapacitated for such service, may retire or be retired therefrom and become a beneficiary of said fund in the same manner and to the same extent as provided in Section 3 of this Act: Provided, That such annuity shall cease when such incapacity ceases.

Section 5. In case the fund shall be insufficient to pay the annuities provided for in Section 3 of this Act, the Board of Trustees shall make a ratable distribution among the teachers who may be entitled to the annuities under the provisions of this Act.

Approved: January 29th, A.D. 1898.

William H. Ellerbee, Governor.
Miles B. McSweeney, Lt. Governor and President of the Senate.
Frank Boyd Gary, Speaker of the House of Representatives.

© 2016 - J.D. Lewis - PO Box 1188 - Little River, SC 29566 - All Rights Reserved