Monday, September 28, 2009

City of Atlanta Seeking Pension Payment Refund

The City of Atlanta was notified by the IRS on September 14th of unpaid taxes, penalties and interest which totaled $2.5 million related to the City’s pension funds. The penalties and interest were imposed because the City was a few days late on some of its monthly pension payments.

The City intends to seek a full refund. As a first step of that effort, the City sent a letter on September 21th requesting a refund of $894,000 that was paid to the Police Pension fund instead of the General Fund pension account.

Based on legal advice about the pension payment, the City paid the full $2.5 million IRS levy bill on September 23rd even though it is pending an appeal
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