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Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question.
I'll be glad to help you out here!
Under Texas law, there is a 4 year statute of limitations on written contracts - - which would include a pension agreement with your husband's employer. Therefore, theoretically, if a mistake in payments has occurred, the money would be recoverable by the pension fund within the statute of limitations.
Thus, the pension fund would have 4 years from the date of the mistake to try and recover the money. Since you've informed them of the issue and because you're willing to return the money, this should not be a huge issue. It will just take the company some time to get this straight.
Do we need to continue calling each month if they happen to continue sending the extra check? We have placed the money in a separate interest bearing account. Would they be have the rights to any interest made on this money? And does each month roll out an additional month in the 4 years or does the 4 years begin for all months from the first day we informed them of the mistake? Last of my questions!
If they're sending you checks, it would be best not to cash the extra check, and return it to the company with a letter explaining that it was paid over in error and ask them to correct it.
As for the checks you've already received and cashed, the best thing to do is what you're doing - - just hold the money in a separate account until you work out the details for the proceeds to be returned.
As for the statute of limitations issue, a new 4 year period would begin with each new check - - so EVERY check would have it's own limitation period, one expiring the month before the next. So, that could get complicated as well!
I hope this information answers your questions, but if you need something else, please do not hesitate to ask!
Thanks for allowing me to assist you.