Monday, August 8, 2011

Can overpayment of retirement funds due to "administrative error" be recouped by the firm at fault 3yrs later?

Received a retirement payout in 2006 when leaving my old job which has now been rolled into another IRA. I just got a notice from the firm saying an "administrative error occurred" and they incorrectly calculated my payout- over paying me and that I owe them $1300.00. They want the money back. Do they have grounds on which to ask for this money back?

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