The City of Pittsfield, Mass., owes $700,000 to its $82 million pension fund, according to an audit by the state’s Public Employee Retirement Administration Commission. The audit found the city owes the pension fund interest for manipulation of the funding schedule from 1994 to 2000 and unlawful transfer of funds. The audit found that more than $600,000 was unlawfully transferred from the pension fund to cover other city expenses and paid back without interest. The audit goes to the Massachusetts attorney general’s office for further action.
Kevin Blanchette, PERAC deputy executive director, said the commission is conducting an audit of travel expenses by Pittsfield pension fund officials.
Former City Treasurer David Kiley, who was chairman of the Pittsfield retirement board, resigned in January amid an investigation of city budget shortfalls. Pittsfield retirement officials could not be reached for comment by press time.
