UFT: Glitch causes loss of pension funds

The United Federation of Teachers announced Friday that pension funds had been erroneously withdrawn from thousands of retired members' accounts.A system-wide snafu with direct deposit

NEW YORK - The United Federation of Teachers announced Friday that pension funds had been erroneously withdrawn from thousands of retired members' accounts.

A system-wide snafu with direct deposit left 60,000 retired New York City teachers and staff scrambling for cash at a crucial time.

The president of the teachers' union posted a message on the union Web site that read, ?The union is working with Bank of New York Mellon to quickly restore members funds and make whole anyone who has been harmed."

advertisement | advertise on News 12

Trending Video

A 21-year-old woman died after being shot in 1 Police: Woman fatally shot inside Bronx stairwell
News 12 the Bronx hit the streets to 2 Word on the Street: Paying for reserved parking
Word on the Street: Airline dress code 3 Word on the Street: Airline dress code
A 21-year-old woman died after being shot in 4 Police: Woman fatally shot inside Bronx stairwell
Crossfit isn't just for the gym, according to 5 Ready, Set, Fit: Crossfit at home

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE