New York City Teachers' Retirement System Incident Update
NEW YORK, November 13, 2009 BNY Mellon has expressed sincere regret and taken a number of actions to remedy a processing error by the company that occurred on November 5 in connection with the transfer of funds to the bank accounts of participants in the New York City Teachers' Retirement System (TRS).
The effect of the processing error was to reverse deposits made to participants' accounts as part of the regular monthly deposits at the end of October. BNY Mellon has returned to participants' accounts the funds that were incorrectly withdrawn. All funds were returned to the appropriate accounts by 9 a.m. on Monday, November 9. BNY Mellon will fully reimburse participants for any costs incurred as a result of this error, and is providing additional information on reimbursement procedures to the retirees whose accounts were affected. Retirees with questions are encouraged to call 1 800-242-9100. Retirees will also be receiving information by mail.
BNY Mellon fully appreciates the importance of reliable, accurate service in connection with bank accounts, and understands and regrets the complications this error has created for the retirees. Processing global payments averaging $1.6 trillion per day, BNY Mellon is committed to maintaining the highest standards of performance, and is taking action to make sure that this type of error does not happen again. BNY Mellon apologizes to the New York City Teachers Retirement Fund, The United Federation of Teachers, and the Office of the Comptroller of New York City for the processing error.
Please note the following correction made to the text of the original letter:
processes more than 18 billion transactions annually across the U.S. and the number increases every year.