Bank of New York Mellon is blaming a bank processing error for $189 million in pension payments for retired school teachers which disappeared Thursday night. UFT President Michael Mulgrew said that calls from retirees about the missing money started coming into the union Friday morning. “These are retirees, these are fixed income people. And the timing couldn’t have been worse. Because their funds go in on Monday, and then they start to pay their bills off of the funds that go in on Monday, and here it is Friday.”
The bank says that it will reimburse retirees for any money they’re out because of the missing funds. They’re taking calls about the problem at 1-800-627-8000.