More than 10,000 retirees who receive the Denver Employees Retirement Plan (abbreviated DERP) woke up to less money in their bank accounts than they expected Friday morning due to a coding error.
Steve Hutt, the executive director of the Denver Employees Retirement Plan, says a staff member made a coding mistake that would have released the funds on Dec. 31 rather than Dec. 29 – the last business day of the month and the one on which retirees typically receive their paychecks.
The retiree checks will go through on Jan. 2, Hutt said.
This error impacts 10,459 retirees.
In a letter, DERP asked that employees impacted by this mistake send an email to their banks to potentially mitigate any bank charges made due to the delay.
Retirees can contact DERP at 303-839-5419 with questions.
You can read the full letter that went out to retirees below:
Today the Denver Employees Retirement Plan (DERP) learned that, due to a coding error, the direct deposit of the January benefit was not in member bank accounts today, as expected. DERP has contacted our bank regarding this situation. Our bank did confirm that the direct deposits will be available in member accounts on Tuesday, January 2, 2018.
The staff at DERP wish to extend our sincerest apologies to our members for the delay in receiving your pension benefit. Typically, DERP does make sure these deposits are made on the last business day of the month. We commit to you that those funds will be in your account, and for the correct amount, on Tuesday, January 2, 2018. If necessary, please provide this informational email to your banking institution to help in potentially mitigating any bank charges due to the delay in your direct deposit.
Please contact DERP at (303) 839-5419 if you have any questions.
VIDEO: How many times can you say "derp" in one story?