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New wrinkles complicate teacher pension merger efforts

March 14, 2008 @ 04:21 PM

The Associated Press

Herald-Dispatch.com

Additional concerns overshadow efforts by Gov. Joe Manchin and lawmakers to agree on a plan that would allow unhappy enrollees in the Teacher Defined Contribution program to transfer into another state retirement fund.


A Friday meeting revealed questions as to whether these enrollees would face penalty charges for dropping the investment products they’ve used in their 401(k)-style retirement accounts.


The meeting of Manchin, lawmakers and stakeholders also featured allegations that the provider of one of those products should share the blame for the program’s failure.


Manchin left the meeting pledging to give lawmakers a proposed bill and solid financial projections Saturday. The House and Senate would then consider that legislation after passing the new budget.