Page 272

House Bill No. 5506

Public Act No. 22-118 272 of 739

had the records been correct, then upon discovery of any such error the Teachers' Retirement Board shall notify the member or beneficiary affected. [and correct the same, and as far as practicable] The board shall, to the extent feasible, adjust the member's or beneficiary's payments [in such manner] so that the member or beneficiary is paid the actuarial equivalent of the benefit [to which such member or beneficiary] he or she was correctly entitled [shall] to be paid. [, provided if] If such [change or] error or adjustment results in any member or beneficiary receiving less than he [would have been] or she is eligible to receive, such member or beneficiary may elect to have such benefit paid in a single payment. The board may grant a request for a reimbursement of overdraft charges incurred by a member or beneficiary that resulted from an error in benefit payments, provided the member or beneficiary makes a request for such reimbursement in writing to the board not later than the last business day of the month after the error occurred. (b) If a member or beneficiary has been overpaid through no fault of his or her own, and [he] the member or beneficiary could not reasonably have been expected to detect the error, the board may waive any repayment which it [believes] determines would cause hardship. (c) Upon determination by the [Teachers' Retirement Board] board that any person has erroneously been included in membership in the teachers' retirement system, contributions and interest credited under the provisions of this chapter shall be refunded and records of related service voided. (d) Upon determination that the [Teachers' Retirement Board] board has invoiced a member for the purchase of additional credited service in an amount in excess of that permitted by law, and such member has paid the invoiced amount, the amount of the overpayment shall be refunded to such member with interest at a rate equal to the average of interest rates for the most recent ten-year period from the date of the