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804) (5) Sources of the fund: a'. One percentum of teachers' salaries. — In order to provide a fund to pension said retired teachers, all contracts with teachers shall provide that the chairman and the clerk of the school board, or other officers whose duty it is to pay public school teachers, shall deduct monthly from the sal- ary of each teacher in the State a sum equal to one per centum of his salary. In order that the sum so deducted shall be promptly covered into the treasury of the State,... it shall be the duty of the State Board of Educa- tion to deduct from the annual apportionment on account of the appropria- tion of the General Assembly and the accumulated interest on the invest- 48 Bulletin State Board of Education ments of the literary fund one per centum of the total amount of the salaries of the teachers of each county, town or city, as shown by the annual report of the division superintendent for the preceding year. Should the salaries of the teachers for the current year exceed the salaries paid the preceding year, then the State Board of Education shall deduct for the succeeding year an additional amount sufficient to cover said excess, it being the intention of this section to provide a convenient means of paying the amounts deducted from the teachers salaries into the State treasury without having the trouble and expense of many small remittances from a large number of clerks of district boards.
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