Five Pension Plan Issues for Trustees and Administrators to Consider in 2016

February 9, 2016
By Paul R. Bonsee 

Multiemployer plan sponsors, administrators, and fiduciaries will continue to be challenged in 2016 as they have been in recent years. Market volatility, the interest rate environment, labor markets, and regulatory and legislative changes are just some of the headwinds that they face on behalf of their members. However, with challenges come opportunities to stabilize and improve the position of many multiemployer plans.

For 2016 ABC Is Not As Easy As 123

January 28, 2016
By Salvatore J. Armao, CPA/PFS, CFP, CFE, CGMA

With the New Year also come some more compliance requirements from the Affordable Care Act (ACA).

With the New Year also come some more compliance requirements from the Affordable Care Act (ACA). New filing requirements and new reporting forms will be required to be filed with IRS by certain employers, insurance companies and certain benefit funds including Taft-Hartley multiemployer health and welfare benefit funds.

Reid, Pelosi Eye Repeal of Obamacare ‘Cadillac Tax’

November 10, 2015
By Steven Wishnia and Neal Tepel

Senate Minority Leader Harry Reid (D-Nev.) and House Minority Leader Nancy Pelosi (D-Calif.) are looking for ways to repeal the impending 40% excise tax on health-insurance plans deemed too extravagant by the Affordable Care Act of 2010.

Koch Brothers Network Funding Friedrichs Case

November 6, 2015
By Steve Wishnia and Neal Tepel

This term, the U.S. Supreme Court will rule on Friedrichs v. California Teachers Association, a lawsuit intended to decimate public-sector unions by eliminating their right to collect “fair-share fees” and possibly even dues from people they are required to represent. 

Claims Against NYC Down

November 6, 2015
By Tara Jessup

New York, NY – A New York City Comptroller report analyzing claims activity in Fiscal Years 2014 and 2015 against five City agencies—the Police Department, Health and Hospitals Corporation, the Department of Parks and Recreation, the Department of Environmental Protection and the Department of Sanitation— show a trending down of claims activity.

Washington Not Providing NY Its Fare Share

November 4, 2015
By Jerry Cohen

New York, NY - New York is generating $19.9 billion more in tax revenue for Washington and its not receiving its fare share. For every dollar New York sends to Washington D.C., it receives about 91 cents back in federal spending. That compared to a national average of nearly $1.22. This according to a report released by State Comptroller Thomas P. DiNapoli.

Stealing from Public by Masquerading as Charity 

November 3, 2015
By Tara Jessup

Westchester, NY—Thrift Land USA of Yonkers, Inc. used a charitable veneer to trick and mislead the public into believing that the clothing it collected would benefit the charity whose name and logo appeared on its bins.However, Thrift Land sold the clothing at a huge profit and the charities named on the bins – Big Brothers Big Sisters of Rockland County and I Love Our Youth, Inc. – received only a small, monthly fee for the use of their name and logo.

Prevailing Wage Violations NYC

November 3, 2015
By Tara Jessup

New York, NY– Astoria General Contracting Corp., a non-union company, has been debarred from doing work with New York City and State for five years related to their underpayment of three Latino immigrant workers who repaired and installed metal doors at various public schools in New York City.

Radius Bank Promises New Growth After Sale

October 9, 2015
LaborPress Staff

New investors have acquired 95 percent of Radius Bank.

Boston, MA - Radius Bank, the community bank with $780 million in assets serving unions, non-profit organizations, small and middle market businesses and government entities, has announced a new restructuring deal that the northeast-based financial institution is confident will enable it to not only better serve the labor market, but also expand into new sectors and offer more products and services. 

NYS Foreclosures Above Pre-Recession Levels

August 26, 2015
By Jerry Cohen, Albany Bureau

New York, NY - New York state continues to have high levels of foreclosure activity with new foreclosure filings remaining significantly higher than pre-recession levels. “The foreclosure crisis is far from resolved, and there are still too many people losing their homes,” DiNapoli said. “In many places the situation has continued to get worse.

Citigroup Overcharged Customers

August 24, 2015
By Jerry Cohen, Albany Bureau

Albany, NY - More than 46,000 Citigroup Global Markets, Inc. (CGMI) customers who were overcharged fees, will be repaid $20.5 million. An Attorney General’s investigation identified the overcharges as part of an ongoing review. CGMI is a subsidiary of Citigroup.

Legislative Chairman Charged With Unemployment Theft

August 18, 2015
By Jerry Cohen, Albany Bureau

Albany NY – Attorney General Eric T. Schneiderman has announced the arraignment of Martin T. Reid, the Chairman of the Rensselaer County Legislature, on charges of Grand Larceny in the Third Degree stemming from Reid’s allegedly improper receipt of unemployment insurance benefits. Reid Allegedly collected unemployment benefits while employed.

Bank Tellers Suffer Chronically Low Wages

August 14, 2015
By Steve Wishnia and Neal Tepel

The nation’s 470,000 bank tellers make so little that they could be nicknamed “the fast-food workers of Wall Street.” According to a survey by the National Employment Law Project released this month, almost three-quarters of them make less than $15 an hour, with a median wage of $12.44 nationally and $13.30 in New York State. Many frontline bank employees “report working unpaid overtime hours in order to meet additional demands,” the survey added.

NYCHA Still Failing its 400,000 Residents

July 29, 2015
By Neal Tepel, LaborPress Editorial

New York, NY - The New York City Housing Authority (NYCHA) is failing its more than 400,000 residents when it comes to repairing apartments and getting vacant units back on the market.

Meet The Man Who Takes The Edge Off Any Audit

July 23, 2015
LaborPress Staff

Steven Biller.

Audit and financial investigation: words guaranteed to strike fear and dread in the hearts of union officials and administrators; especially coming from the United States Department of Labor. But thanks to Steven Biller, the union clients of Pitta & Giblin LLP know that it doesn’t have to be that way. 

Nevada Budget Includes Raises for State Workers

June 10, 2015
BY Kevin Brown

AFSCME Local 4041 members were rewarded for their steadfast advocacy with the 3 percent raise over two years. Their last wage increase was offset by retirement and health benefits premiums. The Nevada state Legislature approved Gov. Brian Sandoval’s budget, which includes the first wage increases for state workers since 2007. 

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