Today ‘Retirement Plan Selection Day’ for W.Va. school employees

HUNTINGTON — Today is Retirement Plan Selection Day for West Virginia school employees.

Members of the state’s Teachers’ Defined Contribution Retirement System have been receiving information booklets and personal retirement reports to estimate retirement benefits under the plan, as well as information on the State Teachers Retirement System.

This information has been provided to members so they can make an informed choice on continuing with the Teachers’ Defined Contribution (TDC) or requesting a transfer to the Teacher’s Retirement Systsem.

The Teacher’s Retirement Systsem is a pension plan that has previously been used in the state and many employees are still on.

The TDC is a 401(k)-style plan introduced to school employees more recently.

According to a release from Cabell County Schools, information tables are available at  employees work sites to provide a review of this process and the opportunity to choose. 

If less than 65 percent of actively contributing TDC members statewide choose to transfer, the state will continue on that plan.

If more than 65 percent of actively contributing TDC members statewide choose to transfer, the state will move to the Teachers Retirement System plan as of July 1, 2008.

“It takes 65 percent for anybody to move,” said Jedd Flowers, spokesman for Cabell County Schools. “Anybody that’s on TRS, they’re staying right where they are.”