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OFFICE OF THE A’ITORNEY GENERAL OF WXAS . ‘. ’ ! 1
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iRISTIN i
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~.9, D. B. snpp8'~Esooutlvb Saor&tarj
, yoacber Retlroment Bgdtim of Texas .
syotom OS tlldBtato
roximntoly $447,000.00 ~...
G,OO3.00 th.oroSorc roproaontn ‘a
char Snviqg~ Pmd, and your opinion ,“, ’ ’
oquoatod an tcr’tihetiior or hot this ‘. .;.‘~’
profit CM bo oonoizuod to bo lncom althin tho pro- :. -:,“, ’
vioibna of Sub Motion 6 dS Seotlon 0 of the .Teao!mr . a’’
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nIS this profit ..&A ba ‘ao corlatruod ad ~inoomo
.’ within t;ho povialanfi OS the Article above roforrod’ :’ .~
.to, o&n the pi-oi3.t ‘Won bo diatributtid to the variouo “,
individual. ~toachoref aooounta in aoaordnnco YI:rith the. .,.:
.proviaiono of SeatTon 0, Sub 8eotion 1 R OS the
Toaaher’ notiroxmnt. map ~, :’ ’ I .
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-“IS! tine ‘nbok roforrod to profit Q&n not bo ” L
IJOconstrued, your opMon b further roquootod j ., .. *
aa to what diopoeltiun the 6ystom rrhould nnlco . -
OS the profit.” i
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’ Repl&g to yo: quootiona 00 quote Sitibaootion 6 of .d
6otlon 8 of the Tonchor Retironont Law, 88 amondod by.& BI
#oe 602, 48th Laglelature, which reade ~au follonsr . ; : .
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“The fnteroot Fuud %tshcroby croatcd to Saci’l- ;I. a-; :
‘: .itata &.a orediling of Interest to the variouo ‘. . ..
., .._ othor flUl&B. AU i.nccmol intorost and dividondo ’ .I! I:. .- ’
.::L... . dorivod from ‘tho .doposito and lnvostmonto av.th?r- ‘*. i : ;‘. ,. . “?
l. lead by. thin bet shall bo pa3.d ,Snto. tho Intoroot ..~.
. . Fund. .‘. On00 oath yoar on Aufptet 31, lntoroot shall !. :‘. .’ _ : i.
.bo alloued .and tranaiorred to tho othor Sundrc, re- .:
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a, in* apootivoly. The Gtato Board of Truetooa shall ‘:i-
annually tranefer to the oredlt of tha lntoroclt ” : ., ’ ‘.
~. ’ re8eaw acoount of the Permanent llotiromont Fun& .’ ‘: ’ ‘-’ ‘- .‘jj..
‘all of,ooaa sarniugo after intorost-bear fun& ’ . ‘1,,_ :~ i
and the Exponae h.n~ have been duly orodl9.B d WA& e .. 2, :
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.Sootion 8, kaboerrtion .i(d) OS the satru) law is br&ht
. iorward in Ii. D4 Ro4 ‘602 au Bootion 6, Subaeoti’on l(e) and .Foads .-] ‘-i:“’
a0 follors t . ._._‘z.. .
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%rront P&root on mombo&t oontrlbutionn’ ‘:.:. i
shrill, be credltod annually auk of Awuet slat and. .i
shell .be alloved on the amouut of tho aooumulntod ’ .~, .: ;...’ fi
contributiona standing to the oroait of the mod-’ ; ’; : “. ! ’ ;
bcr ‘at the bagxnning of the yoar and ohalJ. not bo. , ,! ,. .; ;.y .
allowed for parta of. a year. Following the tarti- : ,.
‘._ nation of memborahip in the Rotiremont Syston for ; : .” j . ‘,
I., thooe momboro who have boon absent from wrvioe for
, ~Slve (6), gears’ln:any porlod 0s~ iiz (8) oone.goutlva .. .’I.* :, i.,
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yoara, tho l’oaohcx ! Saving Fund account or SUCh~ . ~*
mombcra sha:11 bo cloood and warrants oovoring . .:
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the total accumulated contributions Bent to thorn .*
upon tho fi1j.w OS Sowal application. Until’ the . . -
.. . time of payment of such aocumulat.od contrlbutiona, : ’ ’
said toaohor ahall rocoivo no lntorost on tln0 I. ,~I
amount duo him under this subeeotlon, and the .’ .’
- anwunt shall bo hold in a non-iutarost-boarll * ‘.. ‘. ..
nocount to bo aot up for suoh purpose.” ‘. .
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Construfng the forogotig quotations Srom,,tho Teacher .’
Rotiromont Lari it Zs our opinion tbat tko profit dcrivod Srom
&o onlc OS the bonds ;is l%coaio and that l%.should bo paid into
the Intordat Fund In aobordanoo with tho provlaions of seotion
e1 subeeotlon 5 OS tha abovo nsentionod lau, and dlstr~butod as
provided ,in Subooofion l(o) 0S Sootlon 0, of thy o.inonUo$Act. I;
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Yio.c~oloso horaklth a cbpy of Opinion Eumbor 04323, ’ .
the hot pnragxaph of which opinion construoo “other revonw9
au m?nnin(l any rovonue earnod by the pormanont nol~ol. fund OS .
a oounty as a rosnlt of tile ~invontmont of.-the prowodo of t&o
as10 of ILandbelongin& to suoh Sunde.
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Ke think it is 01e& that profit dori&d from l&o~t.-
aonts authorA%d by tho MY-~oonstltutea “lnoomo* pnd should bo .?
paid Pinto. the Dltorost ma, * . ‘.
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