Pension payments returned to NMU

Oct 2, 2015

MARQUETTE, MI--   About $9 million in overpaid pension payments has been returned to Northern Michigan University. 

NMU is one of seven universities in the state to get a refund from the Michigan Public School Employees Retirement System.  Northern Vice-President for Finance and Administration Gavin Leach says since 1997 some payments made each year were not reported to the actuary, creating an overpayment. 

Michigan universities no longer participate in MPSERS, but must fund the pensions of participating employees. 

NMU President Fritz Erickson says the funds returned this week will be designated for future payments, which must be made through 2036.