HOUSE PASSES TEACHER PENSION PLAN SHORTFALL

(02/23/2008)

The state Senate will decide whether to offer aid to West Virginia teachers concerned about their retirement benefits. The House of Delegates voted Thursday to pass legislation that would allow educators with 401(k)-style retirement accounts to merge into the state's other teacher pension fund. Thousands of West Virginia teachers are in a quandary with being in the wrong retirement program. A number of Calhoun school employees are affected by the pension problem. The bill would require $78 million in state taxpayer money to fund the transfer. If enough agree to enter the Teachers Retirement System, they would still face makeup payments to ensure full benefits. Critics questioned why so much taxpayer money should be spent to help less that 20,000 people.

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