Posted on 10/25/2013 2:10:27 PM PDT by GilGil
For retirees, it can mean owing tens of thousands of dollars. And with little warning, their pension checks are being slashed to cover their debt.
In April 2011, New Jersey resident Carol Montague received a letter from American Water Works Co.'s pension plan saying it had overpaid her for more than five years and wanted its money back -- plus interest. Montague, now 67, was told she owed roughly $45,000.
(Excerpt) Read more at money.cnn.com ...
That beats the taxpayer paying for it.
What about all the retirees who have died? Will they attach the estates?..................
Monopoly money.
People think Detroit is bad but they haven’t seen nuthin yet.
With interest? GFY.
“Fundamentally Transforming the United States of America”....
This bastard meant exactly what he said.
If we as a People don’t figure out a way to stop it, it will get much worse.... I think very soon.
I smell class-action, where the lawyers will make millions and the pensioners will only have to pay back 40%.....
The pension system managers are the problem here. They're the ones who mismanaged and overpaid. The pensioners should sue them and the pension plan. Rock their boat.
Probably legit in this lady’s case, but as time goes on, you just know all those underfunded pension plans across the nation are going to be discovering “mistakes” in their accounting, and will bleed the elderly dry. Don’t agree with our math? Sue us. See you in court. At age 67 and up, with one foot in the grave, they can just run the clock out.
Maybe it's the law. When banks make similar mistakes, the money has to be paid back.
This is a great idea! They should retroactively decide to means test for social security, and try to collect the overpayment! My grandparents have been dead for a lot of years, but I’m here, and maybe they can extort the money out of me!
When I asked my wife to marry me, I didn't think to myself, "I want to fundamentally transform her."
Congratulations, America. Nice president you elected.
Does anyone else wonder if the pension funds that notoriously project fantastically unreal returns on their investments may have been overpaying on purpose and can’t hide it anymore?
That is my thinking. This is a scheme to save money nothing more.
Can’t get blood from a stone. Particularly if the stone is retired and/or dead.
I've seen lots of people do that and it never ends well.
It’s called unjust enrichment. The cases I am aware of have been settled before going to court. The defendents knowingly retained money they knew was not theirs, and did little or nothing to try to return it. Some actually spent it-that’s another thing.
In the case of pensions though, I would think that the recipient would be unaware of it, and there should be some sort of accomodation for the pay back, if any.
Wouldn’t a pension manager have some sort of liability policy to cover this rather than making some poor retiree have to bear the burden of the manager’s mistake?
Right, they were probably not aware and this could be catastrophic for them. Who says they have their math correct now? It’s too convenient to say this and reduce your pension - smells dirty to me. You’d have to go through all kinds of legal hoops to deal with it. Who says they won’t say the same thing an a couple of years - reduce it again?
Actually it's not the fault of Obamacare, these errors occured years ago and both the pensioners highlighted were actually at fault even tho the article never mentioned it.
In the case of the last guy who was overpaid $200+ per month, he knew damn well that his disability pension was initially calculated on his not being eligible for Social Security benefits and that he was obligated to notify his employer of any award which would have reduced his disability payment.
He did not do so and continued to collect his unreduced disability payment as well as his social security until his company finally caught up with him.
And in the case of Carol Montague, it's apparent she continued to receive a retirement supplement following the age of SS eligibility, 62, and never reported it to her employer.
While you can attempt to blame the pension fund administrators for their own errors, the fact remains that the recipients of these overpayment know full damn well that they were receiving benefits to which they were not entitled to and were obligated to notify their pension fund administrators of these overpayments...........
Strikes me the same. Awfully convenient for them.
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