SALEM, Ore. (AP) — The Oregon Public Employees Retirement System must hire a 13-member team to comply with a new state law that requires it to verify a member’s retirement data when asked.
Executive director Paul Cleary says the staffing estimate is based on only one out of every four PERS members requesting a verification of their retirement data. If every member asks for verification, it could overwhelm the system.
The Legislature passed Senate Bill 897 in May over the veto of Gov. Ted Kulongoski.
In the past, the discovery of misapplied formulas has changed benefit calculations after the fact, leaving retirees with less retirement income than their plan selection promised.
In some cases, retirees have been ordered to pay back the difference months after the error.
