Sec. 10-183ff. Erroneous payments; adjustment, repayment or refund. Erroneous invoices; purchase of additional credited service.
Sec. 10-183ff. Erroneous payments; adjustment, repayment or refund. Erroneous invoices; purchase of additional credited service. (a) Should any change or
error in records result in any member or beneficiary receiving from the teachers' retirement system more or less than he would have been entitled to receive had the records
been correct, then upon discovery of any such error the Teachers' Retirement Board
shall notify the member or beneficiary affected and correct the same, and as far as
practicable shall adjust the payments in such manner that the actuarial equivalent of the
benefit to which such member or beneficiary was correctly entitled shall be paid, provided if such change or error results in any member or beneficiary receiving less than
he would have been eligible to receive, such member or beneficiary may elect to have
such benefit paid in a single payment.
(b) If a member or beneficiary has been overpaid through no fault of his own, and
he could not reasonably have been expected to detect the error, the board may waive
any repayment which it believes would cause hardship.
(c) Upon determination by the Teachers' Retirement Board that any person has
erroneously been included in membership in the teachers' retirement system, contributions and interest credited under the provisions of this chapter shall be refunded and
records of related service voided.
(d) Upon determination that the Teachers' Retirement Board has invoiced a member
for the purchase of additional credited service in an amount in excess of that permitted
by law, and such member has paid the invoiced amount, the amount of the overpayment
shall be refunded to such member with interest at a rate equal to the average of interest
rates for the most recent ten-year period from the date of the member's retirement to
the date such amount is refunded.
(e) Upon determination that a member has not purchased additional credited service
which was invoiced to him in an amount in excess of that permitted by law, such member
shall be given the opportunity at any time to make such purchase by the payment of the
proper amount with interest to the date of payment. The additional benefit resulting from
the credited service so purchased shall be made retroactive to the date of the member's
retirement, and the aggregate amount of such additional benefit shall be paid to the
member in a single payment together with interest calculated at a rate equal to the average
of interest rates for the most recent ten-year period from the date each payment was due
to the date such payment is made.
(P.A. 83-397, S. 1, 2; P.A. 97-301, S. 6, 10.)
History: P.A. 97-301 added Subsecs. (d) and (e), effective September 1, 1997.