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Back to business as usual.The long-delayed and recently-released 2005 City financial statement contains misstatements about the $8.2 million in benefits that exceed Internal Revenue Service limits, but went to 102 retirees anyway. The 2005 financial statement does not disclose the numbers: $8.2 million spread among 102 employees, according to a new report by the city attorney's office. The transmittal letter merely states that "some participants" exceeded IRS limits.Then, the City says that on Feb. 16, the pension fund adopted a trust to handle the excess benefits. But there is no such trust until the IRS approves it, and it has not done so.
Back to business as usual.The long-delayed and recently-released 2005 City financial statement contains misstatements about the $8.2 million in benefits that exceed Internal Revenue Service limits, but went to 102 retirees anyway. The 2005 financial statement does not disclose the numbers: $8.2 million spread among 102 employees, according to a new report by the city attorney's office. The transmittal letter merely states that "some participants" exceeded IRS limits.Then, the City says that on Feb. 16, the pension fund adopted a trust to handle the excess benefits. But there is no such trust until the IRS approves it, and it has not done so.