WV TEACHERS CLAIM THEY WERE 'DUPED' INTO RETIREMENT PROGRAM

(05/16/2008)

A class-action lawsuit has been filed in behalf of some West Virginia teachers over their retirement fund. The suit alleges that teachers and others covered by West Virginia's only state-run 401-style retirement program are the victims of fraud. The lawsuit filed this week targets an investment option known as a VALIC annuity that was offered to enrollees in the Teachers' Defined Contribution plan. The suit alleges teachers were duped into joining the plan and selecting the VALIC annuity through inaccurate and fraudulent representations. The suit has been filed in Marshall County. The annuity is also blamed for the poor returns suffered by many of the teachers, reportedly about 20,000 individuals. The state's Consolidated Public Retirement Board could be the next target. Board Executive Director Anne Lambright says the lawyers behind the suit gave her a 30-day notice yesterday that they plan to sue that board as well.

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