Human error has delayed pension payments to retired Chicago teachers, according to the Chicago Teachers’ Pension Fund.
Most of the 26,000 teachers in the fund may not have received the direct electronic deposit of their August pension payment, said Jay Rehak, president of the fund’s board of trustees.
He said computer files that were supposed to be sent to the bank for the deposits were not sent out in a “timely manner.” That “human error” caused a delay in the direct deposit system, he said.
The fund expects automated payments to be deposited by Tuesday at the latest.
Members who bank with Chase will have the money in their account Saturday, Rehak said in a letter to members.
The fund pays out about $100 million a month, he said, noting that the fund is not having financial troubles.
“My apologies to everyone,” Rehak said. “We definitely we will not let it happen again.”
But the delay caused confusion among some retired teachers.
The fund had trouble deciding if it would open its Loop office Saturday to issue checks to those who need money immediately. At first it announced it would open, then later in the day reversed the decision. Finally, late Friday it said its offices at 203 N. LaSalle would be open from 9 a.m. to 3 p.m., however, the fund warned of possible lengthy waits.
“We currently have more retirees than we can serve in a timely manner,” Rehak said in the letter. He urged members to check their bank accounts Monday and call the fund if the money is not deposited into their account by then.
“I’m a lucky one. I have a little savings,” said Lynne Rone, a retired Chicago Public Schools teacher now living in Oak Lawn.
“But everyone is not quite so lucky as I am,” she said. “Those pensioners who don’t have a savings will be hit very hard.”
Rone added: “It just goes to show that everything is not great in the computer age.”