Audit shows problems with city employees pension system

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JACKSONVILLE, Fla. - There's been talk for years about the problems with Jacksonville's pension and retirement system for city employees.

Now, an audit shows there are more major problems with how some of those benefits are paid out.

City auditors looked at a few examples of how retirement fees were calculated and paid out, and in most of those examples there were problems.

They found errors in calculations, wrong pay amounts, and wrong interest rates used in some calculations.

In the report, it says these errors appear to be caused by lack of management oversight and poor implementation process of the current pension system.

Those in charge of the pension system say there is a lack of management oversight and they are focusing on changing leadership within the pension office.

The scope of the audit was Oct. 1, 2010, through Sept. 30, 2011.

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