NM E.R.B. Overpaid Hundreds Of People

From kfoxtv.com - The New Mexico Education Retirement Board manages the retirement assets of New Mexico's educators. When someone stops teaching unexpectedly, he or she can have their pension contributions refunded. It happened over 700 times last July and August, but the ERB admits it made a big mistake during those two months.  "The people who process our refunds, they thought the interest that was calculated was too high," said ERB Executive Director Jan Goodwin. Goodwin said the miscalculation was so high, the ERB overpaid interest for all those refunds by $1.7 million. "It was a mistake and we regret the error, and we're going to work as hard as we can to get this behind the recipients of the checks and us," said Goodwin. However, the only way to put the mistake in the past is by calling the hundreds of former teachers affected to apologize and demand their money back.  More News New Mexico

NM E.R.B. Overpaid Hundreds Of People