Audit finds overpayments to San Jose retirees

— Some San Jose retirees may not be getting some extra money they were expecting because of a miscalculation in pension payments.

City officials say thousands of retirees were apparently overpaid pension bonuses for several years.

It's not known yet how much was overpaid, or whether the nearly 2,900 beneficiaries in the Federated City Employees' Retirement System will end up owing money to the city.

The overpayments don't impact retirees' regular pension payments, but involves the calculation of an additional benefit referred to as a "13th check."

The additional check is paid out when earnings on pension fund investments surpass their growth target.

The overpayments were discovered during an internal audit.


