TDA Miscalculation from 1999

[kama]

Recently received a notice that states an audit showed that due to a miscalulation my TDA funds, which were taken out in whole on June 31, 1999, was overstated by $975.55 and they want payment within 10 business days. After more than 12 yrs, am I still liable for this ? Thanks for any help. I appreciate it.

 

[Michael Wechsler]

Recently received a notice that states an audit showed that due to a miscalulation my TDA funds, which were taken out in whole on June 31, 1999, was overstated by $975.55 and they want payment within 10 business days. After more than 12 yrs, am I still liable for this ? Thanks for any help. I appreciate it.

Who is it that wants payment? Is it the company with whom you had a relationship or another party who claims they have the rights to ask you for payment? (collection agency)

 

[kama]

The NYC Teachers Retirement System is asking for reimbursement as they claim they are "required by law" to reconcile their accounts. The letter reads in part..."Due to a programming error, additional funds were being credited to TDA accounts in the form of loan interest, between 3/31/99-6/30/99. As a result, additional interest continued to accrue on affected TDA accounts...."

Thank you for your reply.

 

[Michael Wechsler]

This is a great question. At least they are asking for a reimbursement of 1999 dollars as opposed to 2012! I'm not sure about the statute of limitations in this respect - which may mean that there isn't a case and you might want to wait to see if things escalate. But there is also a matter of things potentially not even getting very far even if you do talk to them first instead of blowing this off.

Why am I not surprised by this? I hate to say it but the New York City school system has gone to a very bad place. Administratively it has become a nightmare and the ridiculous installation of a former publishing CEO to be the School Chancellor was an instant disaster that just epitomizes what is going on. Anyways... I'm on the soapbox.

I have people close to me in the same NYC school system. I wonder whether they will receive the same letter. I know how they would respond. I'm not telling you what to do but they would probably tell them that if they want the letter printed on the front page of the New York Post, keep demanding. The letter displays the incredible incompetence that exists in asking for money 13 years later. The demand for this money within ten business days is enough to guarantee front page news. I'd give them the opportunity to double check their figures to make very, very sure that sending you a demand letter for $975 wasn't a mistake. Might want to mention words like CityTime (which was settled and did anyone go to jail yet?)

 

[kama]

Thanks so much for your reply. I called but no one could direct me to anyone that knew anything about it so I wrote them a letter. Hopefully they're scratching their heads and mulling over a reply. As soon as I hear back from them I will post their answer. Thanks again for your response. I really appreciate it.