What is this retiree audit letter regarding?
This letter (click here) is regarding a recent pension audit that was conducted after errors were uncovered earlier this year. The first phase of the audit has concluded and it was sent to keep you informed.
How does this affect me?
The letters are informational only. If there is a change to your benefit, you will be notified in writing as soon as possible.
Why is this happening now?
The audit phase referenced in the letter was recently completed and we wanted to keep members informed of outcome and next steps.
How do you know my benefit was calculated correctly?
The audit is assisting us in finding areas where problems may exist. If there is a change to your benefit you will be contacted directly. Our current process and review practices in place to catch and correct any mistakes made in benefit calculations is as follows:
Each calculation is completed in our pension administration system and reviewed by at least two individuals who have access to historical payroll records and employment data
When payments are initiated, two additional individuals conduct review
External calculation audits are conducted annually
As mentioned in the letter, there are areas where improvement is still needed. If any inconsistencies are identified in the calculation of your benefit, you will be notified.
Can you recalculate/audit/double check my calculation?
An extensive review of the areas identified in the audit results is underway. If there are any changes to your benefit calculation, you will be notified directly. Because of this process, we are not taking additional calculation requests from retirees at this time.
When will people be contacted?
We anticipate notifications will span the next several months.
Will we be provided the results of the audit?
You will be notified if your benefit changes as a result of the audit. The audit reports available at the links below: