Comptroller says decades-long pension backup eliminated
Feb. 24, 2018
HARTFORD, Conn. (AP) — Connecticut Comptroller Kevin Lembo says a backlog of state employee retirement calculations dating back to 1992 has been eliminated.
Under the old system, state employees received a preliminary, slightly reduced estimated pension payment when they left state service. That meant each retirement had to be manually audited to take into account things like salary history, overtime, hazardous duty pay, any starts and stops to state service and other factors.
Lembo, a Democrat seeking re-election this year, say the backlog has cost millions of dollars in interest over the years, ranging anywhere from $400,000 to nearly $850,000 each year.
Retirees had to pay the state back for any overestimated payments.
Lembo says his agency conducted an intensive review and recently finished shifting from a manual to an electronic system.