HB 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 two-year period preceding the date the governing body of the system discovers the overpayment. Overpayments made more than two years before the discovery would not be recoverable. Although the bill could have some potential costs to public retirement systems, there would be no significant actuarial effect.