Time to Protect Taxpayers, Too, Teachers Retirement has Hurt West Virginians Long Enough
Summary
WEST Virginia's elected officials ran up a $3 billion unfunded liability in the defined-benefit pension plan for the state's teachers. It wasn't hard to do; it's a lucrative benefit formula.
In 1991, freaked out by the implications of a 40-year plan to fill a $3 billion hole, state officials closed the defined-benefit plan and directed new school employees to a defined-contribution plan.See the full content of this document
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Time to Protect Taxpayers, Too, Teachers Retirement has Hurt West Virginians Long Enough
That limited taxpayers' exposure because it defined their contributions from the outset. And teachers owned...
See the full content of this document