Administration January 26, 2009
Another Union Reports Madoff Hit to Pension Funds
January 26, 2009 (PLANSPONSOR.com) - Members of
Local 210 of the Laborers International Union of North
America in New York received letters last week informing them
their pension funds were invested directly with Bernard L.
Madoff's firm and through investments managed by
Madoff.
Reported by Rebecca Moore
The Buffalo News reports that Samuel Capitano, business manager of Local 210, confirmed that the Madoff investments totaled $30 million across three of the union’s pension and welfare funds. A New York City lawyer representing the union told the Buffalo News his firm is monitoring the situation closely, but he could not comment beyond that.
A number of other unions in New York state have announced Madoff losses (see List of Pension Funds Claiming Madoff Losses Grows), and the effects on union benefits are already being seen (see Madoff Losses Lead to Pension Program Changes for Union ).