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Board reviews correction process after small retirement benefit overpayment
Summary
Trustees were briefed on an instance of retirement benefit overpayment. Staff said the error was identified and corrected within the same fiscal year, auditors and counsel were notified, and procedural changes and third‑party monitoring (JEA) will help prevent recurrence.
The Imperial County Board of Retirement received an update on a recent overpayment of retirement benefits and approved staff’s corrective actions.
A staff member summarized details in a written memo and invited questions. The board discussed whether the overpayment should have been caught by audits; staff said the error fell between last year’s audit and the upcoming audit but was corrected…
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