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PC REPORT
Thursday, April 09, 1998
Social Insecurity
Forget debuggers and automated testing tools. What your next project may need is
auditors. Thanks to a computer bug that went undetected for 20 years, Los Angeles
County Calif. under-funded it's pension fund by a cool $1.2 billion.
The errant computer calculation was detected when County pension managers hired outside
auditors to check the books. It's estimated County fathers, already wrestling with
budgetary woes, now have to ante up an additional $25 million annually to make up
for the contributory shortfall.
LA County officials say retirees are in no danger of losing pension benefits, thanks
to a $24.6 billion fund surplus. But Towers Perrin, the consulting firm that programmed
the buggy software, was given it's walking papers.
Rich Levin, KYW Newsradio.
Rich Levin's PC Report
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