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Board discusses correction of small retirement overpayment and internal controls
Summary
Trustees discussed a recent overpayment to retirees, steps taken to correct member accounts, and plans to have vendor JEA monitor files; board approved staff recommendations to correct accounts.
The Imperial County Board of Retirement on June 18 reviewed a staff report on a recent, limited overpayment to retirement accounts and approved corrective steps to reconcile member files.
Staff explained the error occurred between last year’s audit and the upcoming audit year; corrective entries were made within the same fiscal year so staff does not expect the annual audit to be affected. Staff said they consulted with the retirement system’s tax attorney and the auditors and were advised the correction made timely would not create audit exceptions.
Trustees asked whether the error should have been caught earlier. Staff said the volume fell between audits and that JEA — the retirement system’s payroll/administration vendor — will now monitor the file and flag anomalies to the retirement system accounting staff for correction. Assistant retirement administrator Angie and accounting staff were named as points of contact for flagged items.
Trustee Suzanne C. Bermudez and others noted recent internal turnover and that duties previously handled by a staff member (Juan/Rodaro) have been reassigned; staff explained routine payroll and retiree-payroll processes now flow through JEA and county IT ticketing where appropriate.
A motion to approve the recommended corrections and related staffing coverage passed by voice vote.
