20,000 WV TEACHERS IN PENSION TURMOIL

(03/14/2008)

About 20,000 West Virginia teachers who feel they have been left behind with their pension fund, are waiting for a final decision. Gov. Joe Manchin says he still hopes to ask lawmakers to merge state teacher pension funds before they leave town this weekend. Manchin remains reluctant to commit state money to the deal. The Governor said Thursday that the state is not to blame for the insufficient investment returns that have thousands of teachers complaining about their 401-style retirement accounts. He wants these teachers shouldering more of the cost of providing their benefits under the state's traditional pension fund if they are allowed to transfer. Legislators believe that $25 million from the state would ensure a merger does not reverse recent gains made in funding the Teachers Retirement System. The teachers want back in the better-return state pension program.

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