Springfield Treasurer James Langfelder said it isn’t fair the police pension board was using flawed math to determine retirement benefits — but those already awarded benefits will maintain what they’ve earned.
The Department of Insurance told the panel about the flawed math last February. Langfelder, who serves in an advisory capacity for the board, says those officers thinking about retirement plans now may have to change course.
“People are making decisions on the retirement based on the information they were given so ultimately the folks that will pay the price are the retirees which I think is unfair” Langfelder says.
Langfelder says from this point forward, the pension board will use the correct formula which could potentially cost a retiree $300 a month. Benefits awarded within the last 35 days are subject to review, but anything awarded between then and February 2012 must be awarded as outlined.
Mayor Mike Houston told the State Journal Register late Wednesday the twelve officers have been “overpaid” a total of $16,500 over the past year-and-a-half.