(a) No pension or annuity shall be provided exceeding three-fourths (¾) of the salary paid the teacher at the time of retirement, and in no event shall it exceed the sum of six hundred dollars ($600) per annum.
(b) The maximum assessment on any teacher coming under the operation of this part shall not exceed two and one-half percent (2.5%) per annum of the salary agreed to be paid the teacher, and a minimum of one percent (1%) per annum.