03 June 2008

Teacher Pension Transfer Results Due

West Virginia's Consolidated Public Retirement Board expects to get the final tally today from the bid by Teachers' Defined Contribution plan members to transfer into another pension program.

"Transfers will be allowed if the number equals at least 65 percent of TDC members," The Associated Press explains. "That means at least 12,343 teachers, school service personnel and other enrollees must approve the transfer."

The state has promised to subsidize payments required to ensure full benefits under the other program, the Teachers' Retirement System, but only if 75 percent or more move.

The Charleston Gazette also sets the stage for Tuesday's meeting.

"One likely issue will be what to do about teachers at a Marion County high school, where the principal submitted transfer forms after the May 13 deadline," The Gazette reported. "At present, the CPRB cannot accept those transfers."

An official said "that was the only instance where a supervisor failed to submit collected transfer forms before the deadline."

The West Virginia Education Association and the American Federation of Teachers-West Virginia, both supportive of a transfer, have each been mulling over a Plan B if the tally falls short.

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