MANCHIN HALTS FUNDING TEACHER PENSION PLAN

(03/24/2008)

Governor Manchin has vetoed language that would have provided $24.5 million dollars for a proposed transfer between state teacher retirement programs. Manchin says it's premature to budget such an amount, given that the results of the proposed transfer won't be known until May. Enrollees in the Teachers Defined Contribution plan will start deciding April 1st whether to move into the Teachers Retirement System. The current plan resembles a 401(K) plan, while the other program offers a traditional pension. The 401(K) plan has not given the teachers as good a return as the state's pension program. There are about 19,200 enrollees in TDC, but at least 65 percent must move for the transfer to take effect. The $24.5 million dollars was meant to cover benefit costs if 75 percent or more transfer. Manchin says he will revisit the issue in special session if necessary.

Hur Herald ®from Sunny Cal The information on these pages, to the extent the law allows, remains the exclusive property of Bob Weaver and Dianne Weaver The Hur Herald. All information may be freely used but must not be sold or used in any type of commercial endeavor, or used on any web site without the express permission of the owners ©Bob and Dianne Weaver, The Hur Herald, 1999, 2000, 2001