72-2689. Same; retirement and payment of employees; conditions. Any such board of education employee who has been credited under the rules and regulations of such board of education with an aggregate of twenty-five years of service may be retired by such board of education. Any such employee so retired under the foregoing provisions of this section shall be entitled to receive from such retirement fund, so long as such employee shall live, equal monthly payments which shall aggregate five hundred dollars per annum: Provided, however, That no one shall receive such pension without paying into the fund therefor, by way of assessment or otherwise, not less than the amount of the first annual pension to which such person shall be entitled. In order to make up such an amount, the board of education may provide for any deficiency by deducting the necessary amount from the first year's pension payments in equal amounts each month.
History: L. 1941, ch. 339, § 3; June 30.
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