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TEACHER RETIREMENT VOTE
School Employees Can Now Switch Back to the Old System

Reported by: Send eMail Meredith Wood
Videographer: Jim Reed
Web Producer: Meredith Wood
June 4, 2008 4:06pm


Eyewitness News
Eyewitness News Photo

For some West Virginia teachers it's a day worth celebrating.

The vote to return to the old retirement pension system passed by an overwhelming margin, 78 percent.

In the early 1990's, a 401K style retirement system was formed for school employees.

Many switched over, but they ended up losing money.

The results of a recent vote to return to the old pension version were announced and teachers can switch back if they desire.

They will receive 75-percent of what they should have earned.

Anyone who wishes to remain with the 401K style plan do not have to change.




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