tag:blogger.com,1999:blog-4289345346387194350.post3341079532118925766..comments2023-06-24T10:52:34.846-04:00Comments on EducateHilliard.com: Who's Working for Whom?Paulhttp://www.blogger.com/profile/05960574627644930183noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4289345346387194350.post-81330324313295862702008-06-17T23:08:00.000-04:002008-06-17T23:08:00.000-04:00Additional reporting in The Daily Mail the followi...Additional reporting in <A HREF="http://www.dailymail.com/News/200806170135" REL="nofollow"><EM>The Daily Mail</EM></A> the following day:<BR/><BR/><EM>"About 15,000 West Virginia school employees chose to transfer from the new Teachers Defined Contribution system, a 401(k)-type retirement savings program, into the old Teachers Retirement System, a program that guarantees a pension benefit based on their salaries.<BR/><BR/>The average teacher had saved just $33,944 in his or her TDC retirement account, according to state data. Of the 1,100 enrollees age 60 or older, only 23 had more than $100,000. None had more than $157,000.<BR/><BR/>In the defined contribution plan, employees were required to contribute 4.5 percent of their earnings, while those in the defined benefit system were required to contribute 6 percent.<BR/><BR/>Therefore, those who opt to switch to the older plan must pay an amount equivalent to 1.5 percent of their salary for every year spent in the defined contribution plan, plus 4 percent interest."</EM>Paulhttps://www.blogger.com/profile/05960574627644930183noreply@blogger.com