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Audit of city pension records forces retroactive payments, pension board and city promise quick follow‑up
Summary
Empower briefed council and pension boards on a recalculation of participants’ retirement benefits after an audit found prior record‑keeping and classification errors. Some retirees received lump‑sum make‑whole payments; reductions were applied prospectively and council and pension boards said they would not seek recoupment from retirees.
Empower, the city’s pension recordkeeper, told the council and pension‑board chairs on Sept. 3 that a routine audit of pension records and plan‑document alignment found inconsistencies in how earnings were classified and in the application of an average‑monthly‑earnings calculation used to establish benefit levels.
David Papalardo, vice president and lead actuary at Empower, said the company discovered non‑pensionable earnings had been included in prior benefit…
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