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The moneys appropriated by La. Rev. Stat. 17:721 shall be used:

(1)  To provide old age assistance to any teacher:

(a)  Who is now serving as a teacher in the public schools of the state; and

(b)  Who attained the age of sixty prior to August 1, 1944, and who, prior to that date, had served for a minimum of thirty years as a teacher in the public schools of Louisiana, and also who had not been out of active teaching service for more than ten years during the last forty years prior to August 1, 1944; and

(c)  Who is not eligible for prior service credit as a member of the teachers’ retirement system of Louisiana, or the Orleans Parish fund.

The benefit for any person approved by the board of trustees of the teachers’ retirement system for old age assistance under the above requirements shall be computed as follows:

One sixtieth of the average salary received for the last five years of active service multiplied by the number of years of accredited service, provided that the total annual payment granted by this Part shall not exceed the average of the annual salary for the last five years of service, and in no case shall it exceed twelve hundred dollars per annum.

(2)  To provide old age assistance to any teacher:

(a)  Who served for a minimum of thirty-four years, as a teacher in the public schools of the state, or a minimum of thirty years, during the regular school sessions and, in addition, a minimum of four summer sessions of not less than three months each; and

(b)  Who attained age sixty prior to August 1, 1936; and

(c)  Who is not now and who never has been eligible for membership in the teachers’ retirement system of Louisiana.

The benefits for any person approved by the board of trustees of the teachers’ retirement system under Sub-section 2 of this Section, shall be computed in the same manner as above set forth for the computation of the benefit provided by Sub-section 1 of this Section.

(3)  To provide credit on retirement not to exceed five years to any member of the teachers’ retirement system of Louisiana for years of service rendered during which years the member, having attained the age of sixty years with credit for thirty-five years of service, elected to make no contributions to his retirement account.  Said credit shall be granted only provided the member meets each of the three following requirements:

(a)  Member’s retirement must be compulsory on account of age and must take place after July 26, 1950, and not later than three years from July 26, 1950;

(b)  Member must have served continuously (with no break in service) for a minimum of forty-five years;

(c)  Member must pay into the retirement system an amount equal to the sum of the employee and the employer‘s contributions that would have been payable on his compensation for the years during which he made no contribution and for which he wishes to receive credit together with interest computed at the rate at which interest was credited to the account of the members of the system during said years.

(4)  To provide and to pay the cost of prior service credit (credit for service rendered in the public school system of Louisiana prior to 1936) to any present member of the teachers’ retirement system of Louisiana:

(a)  Who was a member of the system on January 1, 1950;

(b)  Who at no time has ever cancelled his prior service credit by withdrawing his accumulated contributions; and

(c)  Who filed before June 15, 1950 with the board of trustees of the teachers’ retirement system of Louisiana a detailed and certified statement of service rendered by him prior to 1936 on the form prescribed by the board of trustees.

Amended by Acts 1950, No. 137, §1; Acts 1950, No. 348, §1.  Redesignated from La. Rev. Stat. 17:722 pursuant to La. Rev. Stat. 24:253.