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11/06/2009 10:36 PM

Bank Error Affected Retired Teachers' Pension Funds

By: NY1 News

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A bank error caused a lot of unexpected stress for hundreds of retired teachers, assistant principals, and principals when their pension benefits didn't show up in their accounts.

Bank of New York Mellon, which handles the DOE's pension fund, apologized to the retirees, saying it was due to a processing error.

Bank officials said Friday they are working hard to correct the problem and issued a statement which reads in part, "BNY Mellon is returning to participant accounts the funds that were incorrectly withdrawn, and will fully reimburse participants for any costs they incur as a result of this error."

Retired DOE employees who think they may have been affected can contact BNY Mellon at 1-800-627-8000 or visit bnymellon.com.