Carpenters Local 747 Union discusses pensions

By: Kat De Maria

Members of a Syracuse area union got a grim picture of how much money is left in their retirement counts. Leaders of Carpenters Local 747 were caught up in the Bernie Madoff scandal last year, but it took until Friday night for them to learn just how much was at stake. Our Kat De Maria was at the meeting in Liverpool and joined us with more.

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LIVERPOOL, N.Y. -- After more than a year, members of a Syracuse area union are learning that half of their retirement money is gone.

Since last January, members of the Carpenters Local 747 have known they lost millions of dollars through the Bernie Madoff investment scandal, but union representatives wouldn't say exactly how much. At a meeting Friday, members got a better idea of the scope of the loss, but still didn't receive a lot of specifics.

Many union members received the news calmly. Others did not.

Cameras were not allowed in the meeting. The union spokesperson's only answer to our questions was "no comment."