在充足的时期，许多州危险地在其公共养老金计划危险之中，西弗吉尼亚州试图相反。自2005年举办办事处以来，总裁的民主党人Joseph Manchin III促进了14亿美元的一次性捐款，进入其州的教师退休系统，决定提高该计划的资产与负债的漫长悲惨比例。截至2008年7月1日，如果贫血，50％，则资金从21％上升到更健康的。
尽管许多美国企业冻结或说ching their traditional pension plans — and public entities are trimming their benefits — Manchin and West Virginia have set themselves an even more difficult, and somewhat counterintuitive, task: to switch school workers back to their original defined benefit plan nearly two decades after encouraging them to shift to a defined contribution scheme. Beginning in 1991 all new school workers were directed to the defined contribution plan, and about 10 percent of the system’s 40,000 existing teachers, cooks, custodians and other school service workers voluntarily made the change. Then, in 2005, West Virginia returned to enrolling new employees in its defined benefit plan. The next year school workers voted to end the defined contribution plan altogether, but a state court ruled that vote unconstitutional. Last July, after prevailing in a series of legal challenges from school employees, the state gave the kind of concessions the plaintiffs had been seeking anyway. It allowed longtime defined contribution participants to reclaim their traditional pensions, reinstating their benefits based on years of service and final average salary, as though they had remained in the plan all along.
“这是一个甜蜜的交易，这几乎是天堂，”沙迪同性恋者在34年后作为一名小学老师退休的去年。她已经举动了多年来的变化。“我否则就无法退休。我可能在教室里掉了死者 - 这不是一个七岁的景象。”
The switch is no freebie: Teachers and other school personnel must surrender the balances in their defined contribution accounts. That’s good enough to earn 75 percent of benefits. To get a full pension, employees have to make a supplemental contribution — about $14,000 in Gay’s case. That’s small change for a monthly check that will be about double the $1,300 she would have received had she bought an annuity with her accumulated defined contribution savings.
总而言之，政策转变是西弗吉尼亚州的计算赌博。学校工人和他们的强有力的工会可能会被兴高采烈，但该举动将近于25,000岁 - 定义的福利计划中的活跃成员人数，显着增加负债，要求额外的，昂贵，国家输注来关闭资金缺点将强大的投资的责任归还回到该州。
Wary of worsening the state’s funding gap, Manchin admits that he was initially skeptical about the switch, which had been pushed with growing political force by teachers’ advocates as evidence mounted that many school workers faced an impoverished retirement and might be forced to turn to the state for aid. The governor came to embrace the plan thanks in part to favorable actuarial analyses. Last spring a study by the New York–based Public Resources Advisory Group, commissioned by Manchin, projected that the transfer would cost the state about $20 million; in August, after it turned out that the 15,000 or so individuals transferring were younger than expected, the actuary for the Consolidated Public Retirement Board, which administers benefits for West Virginia’s eight public pension plans, calculated that the state would actually save $22 million in up-front costs.
“当他们告诉我回到界定的福利实际上会帮助我们，它并没有做出很大的意义，”曼彻斯告诉亚博赞助欧冠。“但事实真的借给了[交换机]。”
麻烦的是，那些事实 - 西弗吉尼亚的假设和计算 - 是在更快乐的时期建立的。最近的全球市场崩溃使得该州的估计基于7月1日数据，看起来非常乐观。与许多养老金基金一样，TRS担任年度资产增长7.5％。2008年7月1日至12月31日至12月31日之间，该计划收到了从界定缴费账户转移的约6.86亿美元。即便如此，TRS资产总额为2.37亿美元，达到31亿美元。因此，西弗吉尼亚州将需要将其对退休系统的总贡献从2.9亿美元增加到截至2010年6月30日的财政年度。因此，国家开始转回养老金，而不是小型意外收获，但意外地在孔里。
"I guess you could look at it from that standpoint," concedes Manchin, who is also a trustee of the West Virginia Investment Management Board, which manages funds for TRS and other state plans. "But you also could weigh that against what I would be paying out in health care, food stamps and subsidized housing if they remained in the defined contribution plan. It’s a catch-22."
一个立法者表示，难以理解有人如何预期向界定盈利计划的转变为国家盈利。由于西弗吉尼亚州现在承担了投资风险，如果回报率较短，它的贡献升高了，因为他们最近 - 即使更多，因为活跃成员的数量几乎翻了一番。事实上，丹福斯特说，一个人民民主党人帮助推动了国家参议院养恤金委员会负责人，前前储蓄的预测导出了一个涉及“只有精算师可以理解的烟雾和镜子的烟雾和镜子”的过程。
最终，西弗吉尼亚州恢复界定的福利计划的决定超越了经济学，并反映了州长长期养老金的麻烦。该制度一直受到慢性资金历史的困扰，涉及总督叔叔和华尔街投资银行的丑闻，以及教师们在20世纪90年代初期出去了在界定的福利计划中脱颖而出的指控。“在养老金系统的所有问责制[养老金系统]的情况下，没有人会知道，但是有共同的问责制，”福斯特在加入州参议院2004年后沉浸在养老金问题之后。
1989年，总督叔叔，A.詹姆斯曼钦，那么西弗吉尼亚州王室辞职，在弹劾程序开始后辞职，特别检察官詹姆斯·李斯在长期美国国债债券中被发现“极其投机”交易。从1985年开始，曼彻和他的两位代表试图提升退货 - 不仅在退休基金中，而且还在政府的24亿美元的经营预算中。到1987年，曼彻在糟糕的赌注下降后，西弗吉尼亚省损失了2.87亿美元。1989年，州立摩根士丹利，萨洛蒙兄弟和其他华尔街公司，声称他们鼓励了通过非法“积极的”销售策略来鼓励交易。七年后，所有的诉讼都已经脱离了法庭。国家从摩根士丹利恢复总数为5500万美元，其中2000万美元。
经过1991, with a funding ratio of just 8 percent and a nearly $3 billion shortfall, West Virginia’s retirement system was nearly broke. The reason: chronic underfunding, which dated to its establishment in 1941. By the late 1980s, an actuarial analysis of the state’s pension funding needs concluded that employers should be required to contribute 9.5 percent of their payroll to the retirement system. Yet the state was putting in less than 2 percent. Politicians had also raided the assets of the pension fund to pay general state obligations.
"There was some fear that the state was going to have to start actually paying people’s pension benefits out of general revenue," says Bob Brown, executive secretary of the West Virginia School Service Personnel Association, who helped lead the charge to reinstate defined benefit plans.
1991年，国家决定将雇员推入界定的缴费计划。“市场蓬勃发展，听起来很好，”棕色解释道。立法者还通过了更严格的筹资规则，同意在2034年结束的40年期间进行补充捐款。
在20世纪90年代初期，大约有4,000名左右的工作人员选择了退出界定的福利计划。许多人这样做是为了期待多汁的市场回报。其他人担心，在这种糟糕的形状中，他们永远不会看到他们的福利。当然，这种恐惧被忽视了：教师的应计效益被国家保障。West Virginia also made the switch enticing, offering to boost members’ take-home pay by reducing their retirement contribution to 4.5 percent of their salaries from the 6.0 percent they had been kicking in. The state would make up the difference, boosting its contribution to 7.5 percent to bring the total to 12 percent, equal to what went into the defined benefit plan.
Still, it’s arguable how informed many of those switching into the defined contribution plan were. Although the Consolidated Public Retirement Board had committed to providing advice, most of those considering transferring received guidance only from salespeople from the Variable Annuity Life Insurance Co., now part of American International Group, according to David Haney, executive director of the West Virginia Education Association.
valic招募并培训了由前学校管理者，教练和其他内部人组成的销售队伍。老师表示，销售人员在教师休息室举行了展望，销售人员在教师休息室遭到展望，给人印象。“那个勇敢的家伙一直在走过每个人的财务问题，并说，如果你进入定义的捐款计划，你会好得多，因为你可以投入你的钱，”回忆起同性恋。
“从南部的南部到州南部的攀登乐队是完全相同的故事，”哈尼说。
毫不奇怪，这些转移的最受欢迎的投资选择是一个勇气固定的年金，而不是六种其他选择，其中包括来自美林林奇＆股份有限公司的债券，增长，平衡和货币市场基金，联邦投资者等。
随着90年代的佩戴，DOT-COM泡沫击碎基金余额的崩溃，因为在十年内的退休拨款增加到股票资金增加。在该州最强大的政治团体中，教师开始担心确定的缴费计划成员不足以退休。2002年，报纸报告指责政府参与瓦朗。The articles charged that the insurer’s agents had misrepresented the annuity, engaged in high-pressure sales tactics, failed to disclose that they were insurance agents and implied that no retirement money would be available in the defined benefit plan then offered by the Teachers’ Retirement System. The same year, West Virginia insurance commissioner Jane Cline investigated the allegations and cleared Valic of any wrongdoing.
但问题仍然是突出的，当乔曼钦于2004年担任州长时，他承诺关闭定义的捐款制度，并在规定的福利计划中恢复其所有成员。Manchin的原始方法呼吁转换定义缴费计划的所有成员，这降低了预计的成本。2005年，他签署了立法重新打开了新雇用的界定福利计划，并领导符合裁定缴款计划的方式。然而，合并最终失败了，因为如果一定数量投票这样做的法案需要所有成员转换 - 这是对国家的有吸引力的全部或无线的结果，因为成本既越来越低。2006年3月，大多数人投票赞成融合系统，但成员起诉的成员，因为他们想要在定义的捐款计划中保留金钱。2008年初，国家最高法院统治着他们的青睐，称强迫转换率为非法采取资产。合并已关闭。界定缴费计划的总成员资格包括15,000个选择变更和5,000人，谁在该计划中搁浅，无论他们是否想要在那里。
迅速重新组合，立法者在2008年3月造成了一项将与国家最高法院相传的账单。他们一致认为，只有那些谁当选转换将不得不这样做，但指定的活动的计划成员中至少有65％必须投上一票赞成，因为较低的参与率会损害交换机的经济性。如果超过75％的人倾向于转移，那么成员的任何补充成本都将获得100％的福利，而不是75％。必须有65％和75％的阈值，以确保国家能够提供转移。
Crafting a bill with so many variables was mind-bending, says Senator Foster, a general and vascular surgeon with degrees from Harvard University and the Stanford University School of Medicine. "You’re trying to educate people and trying to figure out the psychology about how they’re going to go as well as trying to look at the dollars and cents and not knowing how you’re going to end up," he explains.
赶紧在6月30日之前填写投票，大部分，教师和学校 - 服务组织拨打了国家，教育成员有关他们的选择。6月初，票数被统计出来：近80％的所有活跃成员都选择转移。令人惊讶的是，该集团包括更长的年轻员工数量，较年轻的工作人员数量小于预期。
储蓄国家预期源于几个因素：首先，6.66亿美元，持有的个人缴纳缴款账户，他们转移到界定的福利计划中，该计划平均为每人近46,000美元。其次，迄今为止的补充捐款将于今年6月30日支付。如果转移选择不进行补充支付，他们只会收到全额养老金福利的75％，这是员工最终平均薪水乘以服务多年的2％。大多数人预计会缴纳补充贡献，以获得其全面界定的福利。该贡献的成本等于员工在员工在员工薪酬期间的1.5％的薪酬，这些缴款计划每年减肥4.5％。根据综合养老金退休局，如果所有的转移都要选择补充捐款，以获得全面福利，其资金比例为一群人的资金比率为83％ - 远高于遗留成员。因此，议案估计，该州对返回界定福利计划的人的贡献将每年从7.5％下降到工资单的4.01％。
All of these assets and savings are then projected to compound at an annual rate of 7.5 percent. And presto: The conversion will yield estimated savings of $174.3 million in net present value, compared with $151.4 million in the net present value of new liabilities coming onto the books. The bottom line: The state saves almost $23 million in net present value.
All that assumes, of course, that the retirement system’s assets return 7.5 percent annually over the long term. There’s lots of ground to make up. In calendar 2008 investments returned minus 29.1 percent — a result that is slightly worse than the negative 26.6 percent median return for public plans monitored by Northern Trust. H. Craig Slaughter, executive director of the West Virginia Investment Management Board, says returns have suffered from a legacy of ultraconservative allocations. It wasn’t until 1997 that the fund got legislative authority to buy equities, and 2007 before it was allowed to invest in private equity, hedge funds and real estate. The fund achieved its target allocation of 10 percent in hedge funds in August. But it has placed less than 1 percent in private equity and real estate, far short of its 10 percent targets. "We couldn’t invest in some pieces that made all the difference in the world. It’s been a little frustrating," Slaughter says.
展望未来，屠宰是有信心实现7.5％的年度回报。但是，他承认，“爬出的巨大洞可能会证明该州的政治困难。”
实际上，虽然近年来强劲的煤炭价格达到了税收收入，但创造了将有助于国家明年提高养老金捐款的储备，但前景明暗，特别是煤炭和其他资源的价格急剧下降in West Virginia’s economy.
对于同性恋来说，计算更简单 - 而且更具体。通过在她界定的捐款账户中投降资金 - 截至2007年6月30日的122,000美元 - 并支付14,000美元的补充，她收到约29,000美元的年度好处 - 关于她将储蓄转化为年金，她将储蓄转变为每年说。国家借出了她的14,000美元，并扣除退休支票的付款，直到它已收回。
“我现在可以支付一切，但我讨厌完全消灭我的储蓄，”她说。“如果我在三到四年支付，那么它将少于汽车付款，然后我会在退休后自动提高。”目前，至少，州的令人疑问也会令人怀疑。