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Some teachers in West Virginia have learned the hard way that traditional pensions end up paying better benefits than 401(k)-type plans. The Associated Press reports that, in light of current stock market volatility, some of the teachers who passed up an opportunity to switch to the state’s defined benefit pension want to revisit their decision.
As we’ve said in the past, nothing beats a guaranteed pension. These teachers have seen their retirement security plummet along with their 401(k)-type account balances. In the process they have realized that their retirement is more secure with a guaranteed pension than it is with a topsy-turvy stock market.
