Section 18-77 Miscalculation of benefits, payment of interest on under or overpayment.
Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-77 read as follows.
After September 7, 1993, wWhenever 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. 13792 § 1, 9-7-93)