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Statement on Pension Error – PSC

November 6, 2009 pm30 8:36 pm

foul-up on DEPOSIT OF trs PENSION CHECKS.

We learned on Friday morning, November 6, that pension checks issued to participants in the Teachers’ Retirement System of New York (TRS) and electronically deposited on November 2 were inadvertently withdrawn from retirees’ accounts.  The Bank of New York Mellon Corporation, which handles the electronic deposit of all TRS checks, has accepted responsibility for the error.  The PSC, in concert with TRS, is doing everything we can to ensure that the funds are restored as quickly as possible.  Along with the Comptroller and the Mayor’s Office, we are demanding that the accounts be made whole by the end of business on Friday.

“This is our members’ money,” said PSC president Barbara Bowen. “There is no excuse for a Wall Street bank to allow thousands of people to be denied access to their own funds.  The PSC is calling for an investigation of how the error occurred and a procedure to ensure that it does not happen again.”

The Bank of New York has assured TRS that all accounts will be corrected no later than Monday, November 9.  Facing intense pressure from the PSC and the UFT, The Bank of New York Mellon has now arranged for several major New York City banks to accept withdrawals over the weekend from accounts that were affected by the error. If you need to withdraw funds this weekend and do not have sufficient funds in your account due to the error, call Bank of New York Mellon to ascertain whether your bank will honor the withdrawal: 1-800-627-8000 or 1-800-242-9100.  The lines will be staffed until midnight on Friday, and from 7:00 AM to midnight on Saturday and Sunday.

In addition, bank fees imposed as a result of the withdrawal of funds will be reimbursed to retirees’ accounts.

We will post further information as soon as it becomes available.  TRS is also posting updated information on its website and providing updates at their toll-free number: 888-8-NYC-TRS.

Posted 5:40 pm, 11/6/09

(posted on PSC website)

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