years of school service, by the total number of years of school service
and dividing by 160: Provided, That any person having a record of
thirty years or more of school service shall receive a service annuity
which added to his savings annuity will total not less than one-third
of the average annual salary during the last ten years -of school service:
Provided further, That any eligible employee who has a school service
record of twenty years or more, but less than thirty years, shall receive
payments in the proportion which those years of service bear to thirty
years; and the minimum service annuity for any person having twenty
years or more of school service shall be $120.

Sec. 19. In ease any school employee shall quit school service before
age sixty (except as provided otherwise in this act) the board shall on
request, issue to him a certified statement of his service record and his
savings account. No refund shall be made; no further payments shall
be required from the employee (unless he returns to school service) ;
interest shall continue to be credited to his account; and none of his
retirement rights shall be canceled. At age sixty-five such a person
shall become eligible to receive the annuity indicated by this service
record and his savings account at the time of retirement.

Src. 20. In case any school employee quits school service before
age fifty, with not more than five years of school service, his accumu-
lated contributions plus interest credited thereon shall, within six months,
be refunded to him; and his claims upon the retirement fund shall
thereby be terminated. In case said schoo] employee shall later return
to school service, he may return the amount refunded to him without
either interest or penalty, and regain his original status with the re-
tirement fund: Provided, That if said school employee shall file with
the board, advance notice of intention to return to school service later,
the refunding shall be deferred; but if, after five years, said employee
has not returned to school service, the refund shall be made.

Sec. 21. In ease of the death of any school employee or annuitant
before any installment of any annuity has been paid, all deductions,
without interest or penalty, shall be refunded to the estate of the de-
ceased unless beneficiaries have been specifically designated by said
school employee or annuitant. In case of the death of a school employee
or annuitant after an annuity installment or installments have been
paid to him that portion of such payments which derived from his ac-
cumulated savings, shall be substracted and the remainder of the ac-
cumulated savings shall be refunded as directed in the preceding sen-
tence. Except, as provided in sections 20 and 21 of this act, there shall
be no refunds or payments to the heirs of any school employee or an-
nuitant.

Sec. 22. The board shall adopt and operate under a budget and
conform to the statutes which govern the budgets of school districts.

Src. 23. There is hereby appropriated from the general fund the
sum of $400,000 for the year 1942 or so much thereof as shall be neces-
sary for the state teachers’ retirement fund.

Src. 24. In case the amount of money available in any fiscal year
is not sufficient to pay expenses, and to pay all service annuities in
full, the amount available over and above expenses shall be pro-rated
among the claimants.

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