Investigation Shows Teachers' Fund Greatly Overpaid Retirees

From KOAT-TV.com - A so-called computer glitch caused New Mexico’s Educational Retirement Board to overpay retiring teachers and other school employees last July and August, a Target 7 investigation uncovered. New Mexico ERB Executive Director Jan Goodwin said they don’t know how much the fund overpaid. "We’re in the process of looking at all the 764 checks that had interest in July and August,” Goodwin said. On Tuesday, Goodwin said the ERB asked for and received the overpaid money back. But on Thursday Target 7 found out that the ERB has done nothing to collect the over payments which could reach into the millions. New information released on Thursday shows that one person received $259,000 in interest alone. Read more

Investigation Shows Teachers' Fund Greatly Overpaid Retirees