A recent government meeting highlighted serious issues regarding benefit calculations and system errors affecting retirees. The discussions revealed that many inaccuracies persist despite previous audits.

In a review of 15 new retiree benefit calculations, errors were found in 10 cases. These included incorrect annuity factors, improper reductions of benefits, and mistakes in calculating years of service. Such errors can significantly impact the monthly payments retirees receive. Additionally, issues with cost of living adjustments were noted, as they were not applied correctly to some benefits.

The meeting also addressed refund issues. Overpayments were identified, with one case reaching as high as $53,000. It was reported that some accounts were not updated after individuals received refunds, raising concerns about potential duplicate payments.

Another major topic was the PeopleSoft system, which manages member data. Problems were found with the transfer of pension data, including a lack of oversight for user actions and missing history tracking. Over 500 members were affected by delays in posting contributions, leading to an understatement of their account balances totaling over $400,000. Some members experienced unexpected decreases in their account balances, and others had no service credit recorded despite having account balances.

The committee emphasized the need for thorough reviews to address these discrepancies and ensure accurate benefit calculations moving forward. The discussions underscored the importance of reliable data management in protecting retirees' financial interests.