NEW YORK (AP) -- New York City union officials say pension checks of tens of thousands of retired teachers and school staff have been electronically canceled days after they were deposited.
They are blaming the Bank of New York Mellon for the error that occurred sometime Thursday night or early Friday.
The bank oversees electronic transfers for the city's Teachers Retirement System. The system serves 178,000 current and former city educators.
The checks totaled $185 million. They are part of the monthly pension payments the city makes through the comptroller's office.
The union that represents principals and other administrators says many retirees had already written checks or withdrawn the money.
The bank says it is working to correct the problem and will compensate for any overdraft fees.
E-Mail Story
Print Story
