New Mexico – The state's educational retirement board says it will try to recoup some $1.7 million in overpayments to beneficiaries.
Pension fund director Jan Goodwin says the interest overpayments to 693 beneficiaries were the result of a computer software glitch Now it is trying to figure out how to get that money back.
Jan Goodwin says the largest miscalculation sent to a beneficiary was $306,000. The smallest overpayment was 66 cents. The bulk of the overpayments amounted to less than $1,000.
Those who received the overpayments, she said, were people who quit and withdrew their pensions and the estates of deceased state educators. The checks represented refunds plus interest.
Information from: The Santa Fe New Mexican, http://www.sfnewmexican.com
Copyright 2011 The Associated Press.