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STATE TEACHERS' RETIREMENT BOARD v. GIESSEL

12 Wis.2d 5 (1960)

STATE TEACHERS' RETIREMENT BOARD, Respondent, v. GIESSEL, Director of Department of Budget and Accounts, Appellant.

Supreme Court of Wisconsin.

November 29, 1960.

Attorney(s) appearing for the Case

For the appellant there was a brief by J. Robert Kaftan, and oral argument by Arthur Kaftan and J. Robert Kaftan, both of Green Bay.

For the respondent the cause was argued by James R. Wedlake, assistant attorney general, with whom on the brief was John W. Reynolds, attorney general.

HALLOWS, J.

To understand the issue involved it is necessary to give a brief description of the nature and operation of the state teacher's 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...

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