Legislature 2008: Teacher Pensions

As early as today, the House Finance Committee is expected to continue the work of another House panel in reshaping Gov. Joe Manchin's plan for a merger of teacher pension funds.

The Pensions and Retirement Committee voted Wednesday to make it easier for teachers with 401(k)-style accounts to receive full benefits under the state's other, more traditional pension fund.

Instead of a formidable payment calculated from salary levels and years of service, the amended bill would require teachers to pay the difference in employee contribution rates set by the two programs.

But as The Associated Press reports, a merger would still require a vote by account holders. Manchin had proposed requiring at least 70 percent of these 19,100 enrollees to approve and then take part in a transfer. Wednesday's amendments raise that special election threshold to 75 percent.

MetroNews reports on the changes to the governor's bill, highlighting the $78 million "upfront" payment it would require from the state (audio here). Manchin had touted to AP the revenue neutral aspect of the original bill.

The Charleston Gazette also examines the dual approaches. Senators tell AP, meanwhile, that they haven't ruled out pursuing a third option to tackle the pension merger question.