Any person who shall knowingly make any false statement or shall falsify or permit to be falsified any record or records of this Retirement System in any attempt to defraud such System as a result of such act shall be guilty of a Class 1 misdemeanor. Should any change or error in the records result in any member or beneficiary receiving from the Retirement System more or less than he would have been entitled to receive had their records been correct, the Board of Trustees shall correct such error, and as far as practicable, shall adjust the payment in such a manner that the actuarial equivalent of the benefit to which such member or beneficiary was correctly entitled shall be paid.
(1939, c. 390, s. 12; 1993, c. 539, s. 945; 1994, Ex. Sess., c. 24, s. 14(c).)
CASE NOTES
Legislative Intent. - This section shows the intent of the General Assembly to allow the courts to require that compensation paid for underpayment of a pension compensation be paid at the actuarial value. Faulkenbury v. Teachers' & State Emps. Retirement Sys., 345 N.C. 683, 483 S.E.2d 422 (1997).
Calculation of Additional Benefit. - The re-calculation of additional benefits owed to retirees did not mandate the use of a mortality factor, where the right to payments was not forfeited upon the death of a retiree but was passed to the retiree's survivors. Faulkenbury v. Teachers' & State Employees' Ret. Sys., 132 N.C. App. 137, 510 S.E.2d 675 (1999), cert. denied, 350 N.C. 379, 536 S.E.2d 620 (1999).