US - Members of the The West Virginia Teachers Defined Contribution System (TDC) and Teachers Retirement system (TRS) will today begin voting on whether to merge the two funds.
Should the merger be approved, all assets currently held in individual TDC accounts would be transferred into the trust held in common for the benefit of TRS participants effective July 1, 2006.
Some TDC members have spoken out against the merger over fears their monthly retirement benefits would be substantially lowered. According to the latest available statistics, TRS has unfunded accrued liabilities of just over US$5bn.
For the vote to be valid, at least half of all TDC participants must cast a vote. If that occurs and a majority of those voting approve the merger, all participants will be bound by the results and will become participants in the TRS.
Voting will take place from today until March 12.
Both the vote and the plan merger being considered arose from a bill passed by the West Virginia Legislature during the 2005 regular legislative session.
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