An audit has disclosed that the Metro transit system in St. Louis has overpaid pensioners more than three-quarters of a million dollars the last several years.
Officials say the overpayments actually have cost the system more than a million dollars when interest is factored in. Metro officials calculate that its pension fund would have earned 8% interest on the money that was overpaid.
The overpayments were made to 236 retirees who will be asked to repay the money with interest. In addition, the audit disclosed that the pension fund underpaid nearly 200retirees a total of $717,000. Plans are being made to make up for the shortfall.