During Friday’s board meeting, Fund auditor Lilian Pangelinan reported to the trustees, “The case with the former CPA executive director Carlos Shoda has been resolved.”
She also said that the former CPA official had already paid all his overpayments.
She added, “The civil action that was brought against the Fund by the former executive director has been dismissed as of Thursday.”
Based on records, Shoda’s retirement benefits were computed based on his total credited service of 33 years, nine months and 21 days.
With this total credited service, Shoda would be entitled to a monthly pension of $5,761.61.
Shoda was CPA executive director from 1976 to 1989 and from 1994 to 1997.
Upon his retirement, Shoda’s overtime and compensatory time had been factored in the determination of his benefits as allowed by CPA.
He had been receiving a higher rate of benefits until 1998 when the Fund learned through an independent investigation that CPA had made an error in the computation of retirement benefits of its former employees including overtime and compensatory time.
The said report revealed that Shoda had been overpaid by about $20,000 and the Fund had wanted to correct this by reducing Shoda’s benefits.
Shoda appealed then subsequently filed a lawsuit.
