May 23, 2023
State retirement plan overpays and demands big money from payees for its mistake
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In most cases, if you are overpaid by a business or an individual, the law says you only have to pay back three years of what you improperly received. This doesn’t apply, however, to the state retirement plan. When a retired Raleigh city worker found out he had been overpaid by the state retirement fund by $240,000 dollars, he was forced to declare bankruptcy and go back to work at 80-years-old. In this episode, 5 on Your Side’s Keely Arthur went straight to the North Carolina state treasurer to find out how and why this is happening to people and what can be done to avoid this in the future.
