'Pension spiking' costing beleaguered Montana system
HELENA — Auditors looking at the state's beleaguered pension system said Thursday they have found cases where salary hikes just before retirement spiked pension payments.
Legislative auditors say a sample of retired employees found dozens of cases where unexpected salary hikes at the end of a career drove up the payouts despite controls in place aimed at limiting such "pension spiking." Just eight specific cases analyzed by auditors found the inflated pensions cost the state $1.75 million.
The auditors reported to a legislative interim committee that the practice appears limited and doe...