CHICAGO — Retired Chicago Public Schools teachers who expected a pension check Friday were told a "computer issue" would delay their payments until Saturday, and payments could be further delayed until at least Tuesday, pension fund executives said Friday night.
But what was initially blamed on a computer glitch was actually due to human error, said Jay Rehak, the pension fund's executive director.
In a message sent to retired teachers Friday, Rehak apologized for the missteps, and said Chase Bank users would recieve their payments by Saturday. Those that use other banks, however, would see payments by Tuesday at the latest.
Jack Silver, chairman of the Chicago Teachers Union's pension insurance committee, said he's been in contact with the fund's administrators, who told him that the issue occurred when the fund tried to transfer money to its bank, which is Chase.
"The teachers union is outraged by this but we're working with the pension fund," Silver said.
Rehak asked pensioners not to come to the CTPF offices.
"We currently have more retirees than we can serve in a timely manner," he said. "Instead, please check your bank account after 1 pm on Monday, August 4. If you haven’t received your direct deposit by then, please call CTPF member services."
He said the CTPF has posted a letter on its website retirees can give their banks, explaining the issue and asking any overdraft fees be waived.
He reiterated the payment delay is not due CTPF's cash flow.
The average retiree using the pension fund earns $42,000 per year, according to the Chicago Teachers Union.
Paul Spencer, a resident of southwest suburban Plainfield who worked for CPS for nearly 35 years before retiring in 2007, said he expected to see the money in his bank account Friday morning.
"My concern is, like anyone else, is that the world doesn't stop," said Spencer, whose monthly payments are more than $4,000. "What am I supposed to do in this situation?"
For more neighborhood news, listen to DNAinfo Radio here:
