01 May 2008

Supporters Worried About TDC-TRS Transfers

The Charleston Gazette reports that "heads of two state teacher and school employee groups sent a letter to Gov. Joe Manchin Wednesday asking him to extend the deadline for about 19,000 teachers in one retirement plan to decide whether to switch to another plan."

The West Virginia Federation of Teachers and the allied state School Service Personnel Association argue they "need additional time to counter confusion and misinformation about the transfer election," the article said.

A Manchin spokeswoman told The Gazette that "changing the deadline could only be done through a special session of the Legislature."

The more than 19,000 enrollees in the Teachers' Defined Contribution plan have until May 12 to decide whether to transfer. But for any transfers to take effect, at least 12,343 must make that choice.

As of Friday, 1,530 had elected to transfer, according to the program's Web site. The transfer plan envisions May 5 as a major event, with enrollees able to drop off their transfer forms at their schools.

1 comment:

clear eyes said...

I'm enthused. With any luck, teachers will be as apathetic about taking my tax money for their retirement as they were aboutmanaging their 401k accounts in the first place. I'm hope ful that they won't end up taking my money after all.