State Teachers' Retirement Board v. Giessel

To understand the issue involved it is necessary to give a brief description of the nature and opera tion of the state teachers’ retirement system. The system is basically a joint contributory money-purchase plan. Both the teachers and the state contribute and the amount of the retirement benefit is whatever can be financed with the amount credited to the teacher, depending upon current annuity rates. These rates are based upon anticipated interest earnings and the mortality experience of the fund. For the purpose of administration of the system, the statutes provide for the establishment and…