Retirees will have to return money after VRS mistake
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.