Chapter 18 PENSIONS*
Section 18-114 Miscalculation of benefits, payment of interest on under or overpayment.
Whenever a miscalculation of benefits due a retiree or beneficiary
which results in an
underpayment is discovered, interest on the underpayment shall be paid to the retiree or
beneficiary at a rate equal to the annual investment rate of return on the firefighters' retirement
fund as determined by the annual actuarial statement for each year of the underpayment.
Whenever an overpayment is discovered, the retiree or beneficiary shall repay the amount
erroneously paid in excess of the benefit due him plus interest for the time of overpayment equal
to the annual investment rate of return on the fund as determined by the annual actuarial
statement for each year of overpayment. If the amount of overpayment and interest thereon is
greater than one (1) monthly benefit payment, repayment shall be made to the fund by deduction
from the monthly retirement benefit a single life monthly annuity which has been determined
from the value of the amount of overpayment and interest thereon using the mortality tables and
accepted actuarial standards.
(Ord. No. 21455, § 1, 9-17-12)
(Ord. 21455, Added, 09/17/2012)