The email in question is the report which shows all users who's passwords are expiring in "X days or less". Not the individual password expiration warming emails sent to users/managers.
The "Send report to administrators" field used to include 3 email addresses of people who are no longer here. I've changed it to 2 different email addresses that were not previously listed in that field.
The reports are still being sent to the original 3 email addresses even though the field shows only the 2 new addresses that I've entered.