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Sat July 21, 2012
New Mexico ERB Sues To Reclaim Funds
New Mexico Educational Retirement Board has filed lawsuits against 24 people who received more than $181,000 in overpayments due to a computer error at the teacher pension fund.
The Albuquerque Journal reports that Jan Goodwin, the board's executive director said Friday the legal action was a "last resort" in an attempt to recoup the overpaid amounts, plus interest, from pension fund beneficiaries who have not yet repaid the money.
The agency had sent each of the 693 affected beneficiaries up to four letters requesting repayment, and officials say more lawsuits are expected in coming weeks.
Goodwin says More than half of the $1.7 million in erroneous interest payments — ranging from 66 cents to $306,000 — has been collected since the written requests were sent.
Information from: Albuquerque Journal, http://www.abqjournal.com
Copyright 2012 The Associated Press.