Audits of California school districts show huge pension errors

The Sacramento Bee reports problems in government pension land:

Faced with one of the nation's most complicated pension reporting rules, school districts across the state are making errors costing thousands of dollars to the California State Teachers' Retirement System. Auditors say the potential long-term losses easily could be in the millions of dollars.

The giant pension fund routinely audits school districts, but over the past 18 months has found errors in 50 percent of the districts it audited, prompting CalSTERS to try to perform more district audits than it traditionally has done each year. Auditors have found a pattern of income reporting miscalculations, mistakes and misinterpretations that in the end could shortchange teachers of their monthly retirement benefits or incorrectly boost their pensions.

Eat your heart out Enron.