WV House Extends Deadline For Pension Payments

By: Associated Press
By: Associated Press

Charleston, WV (AP) -- West Virginia educators who recently switched retirement plans could get more time to make extra payments needed to guarantee them full pension benefits.

The House of Delegates voted unanimously Tuesday to extend the deadline for these so-called buyback payments from June 30 to the end of December.

Nearly 15,000 teachers and other school workers took part in last year's exodus from a 401(k)-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 pay the difference to receive full benefits under their new plan.

Several thousand enrollees have yet to get accurate figures showing how much they owe.

The Senate now gets the bill.

The session ends April 11.

(Copyright 2009 by the Associated Press. All rights reserved.)

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