Time to Protect Taxpayers, Too, Teachers Retirement has Hurt West Virginians Long Enough

Summary

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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.

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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...

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