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W.Va. Legislative News from WCHS-TV8 Eyewitness News Online

Legislators shelve teacher retirement plan measure
March 08, 2008 11:00 PM

CHARLESTON, W.Va.
At Governor Manchin's request, lawmakers have shelved a compromise proposal to aid educators with ailing 401-K-style retirement accounts.



Enrollees in these self-managed accounts have complained for years about poor investing advice and inadequate returns.

A House-Senate conference committee struggled yesterday and today to reconcile dueling proposals that would allow enrollees to transfer into a state-run traditional pension fund.

But Manchin pulled key lawmakers aside today to question some of the numbers. He suggested revisiting the issue during a brief special session that would follow work on the budget.

The compromise would have required at least 75 percent of the 19,100 Teachers Defined Contribution program enrollees to switch to the Teachers Retirement System. Because they've been paying less of their salary toward retirement, those who transfer would face paying between $861 and $8,900 to receive full pension benefits under the other plan.

Manchin questioned the transfer's estimated 18-million-dollar price tag.




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Bill on free clinics' drug dispensing heads to Manchin
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