Legislature 2008: Teacher Pensions

With less than four weeks left in the legislative session, Gov. Joe Manchin has trotted out his proposed aid for teachers with paltry 401(k)-style retirement accounts.

Though the bill would allow these accounts to merge into the state's traditional pension fund for teachers, "At least 70 percent of all account holders - or about 13,400 enrollees - would have to approve and take part in a merger," The Associated Press reports.

"And unless they paid an 'actuarial reserve' higher than previously estimated, Monday's measure would offer transfers only three-fourths of the benefit that regular pension members receive," the article continued.

Senate President Earl Ray Tomblin, D-Logan, told The Register-Herald of Beckley that "it appears the administration’s bill doesn’t chip in any money, meaning the balance of pensions would have to be made up by the teachers, or the state."

AP previously heard from teachers urging some sort of bailout. The Charleston Gazette also has a story on the bill.

MetroNews has a segment on the bill (with audio) and on the less-than-thrilled reaction by teacher groups (also with audio).

Public Broadcasting has a story on the bill, and examines why West Virginia has two separate retirement programs for teachers.