(40 ILCS 5/15-186.1)
(from Ch. 108 1/2, par. 15-186.1)
Mistake in benefit.
If the System mistakenly sets any
benefit at an incorrect amount, it shall recalculate the benefit as soon as
may be practicable after the mistake is discovered.
If the benefit was mistakenly set too low, the System shall make a lump
sum payment to the recipient of an amount equal to the difference between
the benefits that should have been paid and those actually paid, plus
interest at the effective rate from the date the unpaid amounts accrued to
the date of payment.
If the benefit was mistakenly set too high, the System may recover the
amount overpaid from the recipient thereof, plus interest at the effective
rate from the date of overpayment to the date of recovery, either directly
or by deducting
such amount from the remaining benefits payable to the recipient. However,
if (1) the amount of the benefit was mistakenly set too high, and (2) the
error was undiscovered for 3 years or longer, and (3) the error was not the
result of incorrect information supplied by the affected member or
beneficiary, then upon discovery of the mistake the benefit shall be
adjusted to the correct level, but the recipient of the benefit need not
repay to the System the excess amounts received in error.
(Source: P.A. 93-347, eff. 7-24-03.)