West Virginia lawmakers late last week passed a bill appropriating $25 million to help with the transfer of public school teacher retirement funds from the Teachers’ Defined Contribution Retirement System into the state-run Teachers’ Retirement System. Gov. Joe Manchin is expected to sign the bill.
Lawmakers approved HB 101, which authorized teachers to transfer to the state-run pension system, during a special session in March. The legislation was in response to complaints from some teachers who realized poor results when investing in the defined contribution plan. HB 101 specified dates for an election and required at least 65% of the members to vote to transfer.