Comments on: Fantastic Wheeling Intelligencer Editorial; McKenzie was right http://www.changewv.com/2008/fantastic-wheeling-intelligencer-editorial-mckenzie-was-right Commentary by Senator Vic Sprouse Wed, 14 May 2008 04:28:42 +0000 http://wordpress.org/?v=2.3.2 By: Doug http://www.changewv.com/2008/fantastic-wheeling-intelligencer-editorial-mckenzie-was-right#comment-19126 Doug Fri, 14 Mar 2008 14:28:53 +0000 http://www.changewv.com/2008/fantastic-wheeling-intelligencer-editorial-mckenzie-was-right#comment-19126 McKenzie is Not right! In 1991 when they created the TDC, the Legislature did a poor job in its execution. They did no education. They had poor investment choices. They allowed former educators to sell low rate annities to teachers who knew very little. Educators are not financial experts, as a rule. While some have done well others have not. The reason you guys, yourself voted for this Bill in 2005, was the TEachers Union brought up all the toughluck cases. Today's legislation allows for a choice. If 75% select to return to the old TRS then the TRS collects all their millions of investments. Furrthermore, the Legislature passed a bill way back that makes the old TRS fully funded on a 40 year funding plan. The Governor's contribution of the $ from the Tobacco settlement went a long way to getting the Teachers REtirement Fund to be on schedule for being fully funded. You KNOW this. While intellectually I agree having a 401k type plan may make more sense. It was so poorly exectuted (the blame to the Legislature's of past), that OUR teachers, many your neighbors and teaching your children, are now in a situation of having very little set aside for Retirement. This is a system Failure not a failure by the teachers on their investments. It is critical that we demonstrate that we truly care about education and invest time and money to solve this problem. Vic, vote for HR4496 without Amendments! McKenzie is Not right! In 1991 when they created the TDC, the Legislature did a poor job in its execution. They did no education. They had poor investment choices. They allowed former educators to sell low rate annities to teachers who knew very little. Educators are not financial experts, as a rule. While some have done well others have not. The reason you guys, yourself voted for this Bill in 2005, was the TEachers Union brought up all the toughluck cases.
Today’s legislation allows for a choice. If 75% select to return to the old TRS then the TRS collects all their millions of investments.
Furrthermore, the Legislature passed a bill way back that makes the old TRS fully funded on a 40 year funding plan. The Governor’s contribution of the $ from the Tobacco settlement went a long way to getting the Teachers REtirement Fund to be on schedule for being fully funded.
You KNOW this.
While intellectually I agree having a 401k type plan may make more sense. It was so poorly exectuted (the blame to the Legislature’s of past), that OUR teachers, many your neighbors and teaching your children, are now in a situation of having very little set aside for Retirement. This is a system Failure not a failure by the teachers on their investments.
It is critical that we demonstrate that we truly care about education and invest time and money to solve this problem.
Vic, vote for HR4496 without Amendments!

]]> By: Russ Snyder http://www.changewv.com/2008/fantastic-wheeling-intelligencer-editorial-mckenzie-was-right#comment-19046 Russ Snyder Wed, 12 Mar 2008 13:45:18 +0000 http://www.changewv.com/2008/fantastic-wheeling-intelligencer-editorial-mckenzie-was-right#comment-19046 Andy's right. The private sector is moving away form company owned/operated pension plans to 401K type plans. The beauty of these systems is that after the company(or the state in this case) provides their match, their involvement in the pension plan is over. Allowing teachers to regress from a free market system to one which obligates the taxpayers of West Virginia forever is indeed a stupid move on the part of our legislators. If they're worried they may lose their seat for doing the right thing, I question their moral character. I'll bet if Russ Weeks were still in the State Senate there'd have been three votes against! Weeks for governor in 2008!!! Andy’s right. The private sector is moving away form company owned/operated pension plans to 401K type plans. The beauty of these systems is that after the company(or the state in this case) provides their match, their involvement in the pension plan is over.

Allowing teachers to regress from a free market system to one which obligates the taxpayers of West Virginia forever is indeed a stupid move on the part of our legislators. If they’re worried they may lose their seat for doing the right thing, I question their moral character.

I’ll bet if Russ Weeks were still in the State Senate there’d have been three votes against!

Weeks for governor in 2008!!!

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