If any change or error in the records of the police department retirement system results in any member, retirant or beneficiary receiving from the retirement system more or less than he or she would have been entitled to receive had the records been correct, the board shall correct such error and as far as practicable shall adjust subsequent payments in such manner that the actual equivalent of the benefits to which such member, retirant or beneficiary was correctly entitled shall be paid. For overpayment to any member, retirant or beneficiary, the board may take legal action, if necessary, to recover such payment. The board shall promulgate in their bylaws provisions governing payback arrangements. (Code 1979, § 15-104)