Regional
10:55 am
Wed May 25, 2011

NM Educational Retirement Board Tries To Recoup Overpayments

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.

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Information from: The Santa Fe New Mexican, http://www.sfnewmexican.com

Copyright 2011 The Associated Press.