ALBERT C. RITCHIE, GOVERNOR 1053

SEC. 7. And be it further enacted, That the retirement
board shall adopt mortality tables for the retirement system
hereby created, and, except as herein otherwise provided,
shall determine what rates of interest shall be established in
connection with such tables or otherwise under the provisions
hereof. Such board may modify such mortality tables or adopt
others, and may change rates of interest once established, un-
less otherwise provided herein, but not so as to impair the
vested rights hereunder of any member of the retirement asso-
ciation, unless such modifications or changes shall be assented
to by such member. Said board shall establish .and maintain,
under competent actuarial advice, a complete system of records
and accounting.

SEC. 8. And be it further enacted, That the annuities here-
inafter provided shall be paid out of a fund to be known as the
annuity fund, which shall be constituted as follows:

(1) Each member of the retirement association shall pay
into the annuity fund, under regulations to be prescribed by
the retirement board, such percentage of his salary as may be
determined by said board within the limits hereinafter pre-
scribed. The rate of assessment for each school year, which
shall not be more than five per cent of each member's salary,
shall be established by the retirement board on or before the
first day of April in each year, and notice thereof shall be
given all members of the retirement association in such manner
as the retirement board shall prescribe. Such rate of assess-
ment shall be uniform, at any given time, for all members of
the retirement association ; provided, however, that no mem-
ber shall in any one year pay into said fund less than twenty-
four dollars nor more than one hundred dollars.

(2) Any member of the retirement association, who for
thirty years shall have paid into said fund his regular assess-
ments, as above provided, shall be exempt from further assess-
ments; but such member may thereafter, if he so elects, con-
tinue to pay his assessments into said fund.

(3) The annuity fund shall also consist of such amounts
as may be appropriated from time to time by the General
Assembly on estimates submitted by the retirement board, sub-
ject to approval by the State Board of Education, hereinafter
provided. Such estimates shall provide for an appropriation
sufficient to enable the board to credit annually to each mem-
ber of the retirement association a sum equal to at least one-