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Retirees will have to return money after VRS mistake

Retirees

RICHMOND, Va. (WTVR) – Thousands of retirees will be footing the bill for a mistake by the Virginia Retirement System.

In 2009, the VRS miscalculated a cost of living adjustment.

That mistake means that 120,000 state retirees have been receiving more more money than they should have.

As a result, the VRS is asking those who received the extra money to help pay back the $28.7 million mistake.

The average overpayment, over the three year period, was about $239 per person.

It only affected people who retired before 2008.