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WEST VIRGINIA LEGISLATIVE NEWS
from Eyewitness News Online WVa Legislature OKs more time for pension payments April 12, 2009 1:30 PM CHARLESTON, W.Va. West Virginia educators who recently switched retirement plans could get more time to ensure they receive full pension benefits. Legislation passed to the governor Saturday would loosen the deadline for these so-called buyback payments. Nearly 15,000 teachers and other school workers took part in last year's exodus from a 401 -style plan to one that guarantees a defined annual benefit. But their old plan had been taking less from their paychecks. Those who transferred must make up the difference to guarantee full benefits under the new plan. The deadline for buyback payments is June 30. But several thousand enrollees don't yet know how much they must pay. The bill gives them 90 days from the postmark on their final contribution calculation. |
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