Buffalo Pension Fund in Trouble

The pension fund of United Bhd. of Carpenters Local 9 in Cheektowaga, N.Y., faces a multimillion-dollar funding shortfall and is predicted to go broke in nine years. Local 9 boss and head of the Buffalo Carpenters Pension Fund, Thomas W. Burke alleged there was no wrongdoing, but the fund hired the law firm Levy, Ratner & Behroozi to investigate the debacle. The fund has $25.7 million in assets and owes $58 million to retirees. The fund expenses outpaced its income by $1.7 million a year. [Buffalo News 6/21/99]