Teacher Pensions Lawsuit

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Teacher Pensions Lawsuit

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Posted: 2:32 PM May 15, 2008
Last Updated: 2:32 PM May 15, 2008
Reporter: Associated Press
Email Address: news@wsaz.com

6 comments

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CHARLESTON, W.Va. (AP) - A class-action lawsuit alleges that teachers and others covered by West Virginia's only state-run 401(k)-style retirement program are the victims of fraud.

The lawsuit targets an investment option known as a VALIC annuity that was offered to enrollees in the Teachers' Defined Contribution plan.

It alleges enrollees were duped into joining the plan and selecting the VALIC annuity through inaccurate and fraudulent representations.

The annuity is also blamed for the poor returns suffered by many TDC investment accounts. Thousands of plan enrollees are trying to transfer into another state-run pension program as a result.

The lawsuit names AIG Retirement, its VALIC subsidiary and others allegedly involved in selling the annuity. It was filed Monday in Marshall County Circuit Court.

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Comments are posted from viewers like you and do not always reflect the views of this station.

Posted by: Rose on May 16, 2008 at 02:28 PM
I have felt all along that I was misled into getting into the new retirement. I am happy to see someone taking action!

Posted by: Mike on May 16, 2008 at 07:27 AM
I agreee with you own fault. The teachers had a chance to opt out and they chose not to. Its just like everything else with the teachers if they dont get what they want then they cry around to everybody. Im sorry but you had a choice and to bad that you didnt opt out. Its not everyone elses problem. If you dont like it then move somewhere else because I for one am tired of the whining all the time, if it's not this then its the were underpaid blah blah blah thats life try to live off some of the salaries other state employees receive and then see who has a real compliant because its not all about you teachers.

Posted by: Sue on May 15, 2008 at 09:21 PM
What,if anything, happens to those of us who are not in the "new" retirement plan but DO have a straight-out annuity with VALIC?

Posted by: You own fault on May 15, 2008 at 09:02 PM
The teachers clammored for and were given the opportunity to opt out of the current retirement plan and into what other state employees have. It required a 65% majority vote, and many chose to do nothing, not even vote and now that this opportunity has passed they are crying foul. Plus they had the opportunity to change their investment portfolio and chose to do nothing and settled for low yielding mutual funds when they had the chance to make their own choices.

Posted by: John on May 15, 2008 at 06:25 PM
I also have a VALIC annuity as a school employee. I was not "sold" anything. When I was hired I got a pack of papers and booklets and was told to sign here and make your choices of the accounts you want. It was a crummy deal at the time and still is.

Posted by: Anonymous on May 15, 2008 at 05:02 PM
man we get it stuck to us every way but the right way.