NYS Budget Supports Those Fallen Behind

April 9, 2016
By Teamsters Joint Council 16 President George Miranda

New York, NY – "It’s often said that a society can be judged by how it treats the least fortunate and those who have fallen behind. Governor Cuomo is leading the way and demonstrating that New York always rises to the occasion by raising the minimum wage and enacting paid family leave.

Cutting Pension Benefits: MPRA and the Central States Pension Plan

April 6, 2016
By Tim Connor, FSA, EA, MAAA,
Charles Clark,
ASA, MAAA, EA and Paul R. Bonsee

Another of the five key plan issues for 2016 facing multiemployer plan sponsors, administrators and fiduciaries is the impact of MPRA. There are many important details, but here are the highlights and some of the key issues.

Pension Trust Fund Asset Performance: A Key 2016 Taft-Hartley Plan Issue

February 25, 2016
By Timothy L. Connor, FSA, EA, MAAA and Paul R. Bonsee

In the last issue of this newsletter, we mentioned five key plan issues that are facing multiemployer plan sponsors, administrators and fiduciaries. Number one on that list was the impact of plan asset performance during 2015 and the direction of the financial markets in 2016. Markets were volatile in 2015, and that trend is continuing into the New Year. This is a signal to trustees that the impact of any underperformance on the projected zone status of their plan has to be understood and should be measured often.

Saving for Your Future: Questions to Ask Yourself Now

Febraury 23, 2016
By Michael Fina, Radius Bank, Union Relationship Manager

(FDIC Consumer News)

Finding money to put into savings can seem difficult, but there are some strategies that can make it easier. Start by asking yourself these questions.

Do I have savings goals? Knowing how much you want to save and why can help you stick to a plan. For example, if you have a young child, ask yourself if you plan to help pay for college. Research indicates that children who have a college savings fund are more likely to go to college than those who don't. There are a number of programs available to help save specifically for college-related expenses.

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.

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