§ 1067 — Same—Contributions by employees and board; board may fix retirement age, amount of pension, etc

Sec. 1067. - Same—Contributions by employees and board; board may fix retirement age, amount of pension, etc.

Said boards of education are authorized to contract with the aforementioned employees for the deduction of, and are authorized to deduct from the salary or compensation of each of the aforesaid employees, a certain percentage of the salary of each, not to exceed five percent (5%) of such salary, and to supplement the same by contributing out of the funds of such boards of education an amount necessary to provide a retirement, annuity or pension as aforesaid, to be used by such boards of education in payment of the costs of such retirement, annuity or pension. The contribution of such boards of education for the aforesaid purposes shall be taken from the funds they annually receive from taxes for the support and maintenance of the public schools, and such boards of education are further authorized to contract for and fix the age or time which the aforesaid employees shall be retired, and the amount and duration. of the payments to be made said employees after retirement, and said boards of education are authorized to do and perform all things necessary or appropriate to establish and effectuate such contributory retirement, annuity or pension for the benefit of the aforesaid employees.

(Priv. Acts 1943, ch. 131, § 3)