In response to your request for an Actuarial Impact Statement on HB 258 (relating to correcting errors in the distribution of benefits by a public retirement system), the Pension Review Board has determined the following:

CSHB 258 provides for the correction of errors in the distribution of benefits and allows an adjustment of future payments so that the actuarial equivalent of the benefit is paid. The bill further stipulates that a public retirement system may correct any overpayment of benefits to an annuitant if within the three-year period before the date the governing body of the system discovers the overpayment. Overpayments made more than three years before the discovery would not be recoverable, except in cases of fraud or misrepresentation. Because the bill limits ongoing and retroactive claims for repayment, pension systems could have some potential costs to their retirement funds, however there would generally be no significant long-term actuarial impacts.