20,000 WV TEACHERS IN RETIREMENT BIND

(01/28/2008)

By Bob Weaver In wake of a failed pension merger, About 20,000 WV teachers say they can't retire. If they do, most of them will be getting a small retirement check. Several Calhoun teachers are affected. A Taylor County preschool teacher says she's one of many teachers in West Virginia who want the opportunity to move into the older teacher retirement plan. During a somewhat complicated set of manuvers, it appears teachers were forced into the 401K plan, and after it failed to produce results, many did not or could not return to the regular retirement program. MetroNews says Shelly Stead is now part of what's commonly referred to as the new plan that's more like a 401K, but most teachers haven't done well making their own investment decisions, at least according to officials. Teachers voted to combine the systems, but a court ruling said the merger was unconstitutional. Those teachers are looking to the legislature to make a way for a one-time vote that would allow those to join the older system. Shelly Snead says she doesn't have enough money now to retire. She says she was given very little information about the retirement plan when she joined it. "They told me I had 100 percent money and divide it between these eight accounts, however I wanted to do it, do it," she said. The older teacher retirement plan lets teachers know exactly what they will receive. There's no guessing. Some West Virginia teachers have been pushing Governor Manchin and the Legislature to allow them to join the state's traditional pension fund.

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