Tier VI Pension Overpayment Update.
If you are in the Tier VI Pension and are waiting to receive a refund due to the overpayment into the NYCERS or MaBSTOA pension, this bit of information below may be helpful to let you know where the Authority is in the process of getting you your money back.
The Tier VI miscalculations, impacted not only the MTA, but other employers in the NYCERS pension. In addition, during this extensive review and remediation process, it was revealed that there have been instances of insufficient contributions and well as excess contributions. This will result in both refunds and monies due to the applicable pension systems for impacted participants.
The MTA has engaged the actuarial firm of Milliman to review both the methodology, which was utilized to correct the inaccurate calculations and remediating the errors going forward and verify the refunds as well as any monies due. This firm just recently joined the remediation team. In a few weeks Milliman will be able to provide us with a firm estimate of how long it will take them to complete these tasks for MaBSTOA and the NYCT.
The short answer is, this is being investigated and reviewed. Once we receive more information we will post it here on our website.