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Friday, May 04, 2007

Cutting Board Blues

PERS began mailing some invoices to retirees who had taken lump sum distributions (either single or double) upon retiring. These invoices demand full payment of amounts reputed to have been overpaid as a result of the 1999 earnings crediting decision. For many people, the demand for full payment constitutes a severe, if not crippling, financial imposition. The PERS Coalition, through its attorney Greg Hartman, has published some general observations and discusses the various options available to individuals receiving these invoices. You can read this memo here. The memo isn't entirely helpful and advises members faced with these invoices to seek advice from their own attorneys. Nevertheless, regardless of what the attorney advises, the options listed in the Coalition memo seem to be exhaustive. I can't think of any other option that isn't listed.

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