November payments delayed because of retirement system error
The MTA has been informed by the Massachusetts Teachers’ Retirement system that the scheduled deposit of monthly benefit payments did not take place on November 29, 2013.
“Unfortunately as a result of human error by the Massachusetts Teachers’ Retirement System, the direct deposit of monthly benefit payments for November did not happen today,” the MTRS said in a statement to retirees. “Benefit payments will be deposited on Monday, December 2, to the designated accounts.
“Please be assured that if any MTRS benefit recipient incurs bank fees as a result of the delay, the MTRS shall reimburse and make the recipient whole,” the statement continued. It says the MTRS is "extremely sorry" for the delay and apologizes "for the inconvenience and frustration this error has caused our retirees and benefit recipients.”
The statement says the MTRS is “taking the appropriate steps to ensure this error will be prevented in the future.”
According to MTRS Executive Director Joan Schloss, this month's checks and direct deposit statements were incorrectly dated November 30 and not November 29, the last business day of the month, as they should have been.
Schloss provided the following information to recipients:
If you receive your payment via DIRECT DEPOSIT:
- Your November benefit payment – which should have been deposited into your account on Friday, November 29 – will not be transferred into your account until MONDAY, DECEMBER 2.
- If you incur bank fees as a result of the delay in the electronic transfer of your November MTRS benefit to your bank account, the MTRS will reimburse you. To submit a claim, please complete the form available on the MTRS website, http://www.mass.gov/mtrs.
If you receive your payment via PAPER CHECK: Your check will not be payable until Saturday, November 30.
MTRS Executive Director Schloss stated to retirees: “As many of you will recall, a similar situation occurred in May 2012, and measures were implemented to prevent that particular problem from happening again. However, what happened this month is a result of our oversight, and unrelated to that situation. Be assured that I am taking this very seriously, and will take steps to ensure that this does not occur in the future. Please know that we are very sorry for this delay and any inconvenience or understandable frustration it may cause you. We sincerely regret the error.”
The MTA will continue to monitor the situation, and MTA President Paul Toner has been in touch with State Treasurer Steve Grossman regarding the error and the difficulty it is causing for retired members.
Further information is available on the MTRS website, http://www.mass.gov/mtrs.