Additionally, New York State has promulgated apaid vaccination time mandate.On March 12, 2021, former Governor Andrew Cuomo signed a new law granting employees paid leave time to receive COVID-19 vaccinations, enacted under Labor Law § 196-c. According to the law, each employee is to be p...
Defined benefit plans are often confused with 401(k)-style retirement savings plans, which are known asdefined contribution plans. With a defined contribution plan, the employee, the employer or both contribute to an individual retirement account for the employee, and the money in the account is...
Employers that do not sponsor their own retirement savings plan for employees will soon have to automatically enroll employees in a state-run savings plan if they (1) have at least 10 employees, and (2) have been in business in New York for at least two years. Employers will be responsibl...
Members and tagged benefit reduction, defined benefit, defined benefit pensions, defined benefit plan, defined contribution, defined contribution plan, members, New York State and Local Retirement System, NYSLRS, Pensions, Public Employees, public pension system, retirement, retirement benefits on January...
TheNew York State Department of Labor(NYSDOL) is the agency that manages the unemployment benefit insurance program for the state. They determine whether a claimant is eligible and calculate the amount of weekly benefits they will receive. This process is started when an out-of-work emplo...
Over the next year, any employer offering retirement plans faces new regulations from the Department of Labor. Supporters of the new regulations say they will bring greater transparency to the retirement industry as a whole, through documenting the fees participants pay brokers and retirement plan ...
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Education: New York University As a law school student, Nicole Marimon thought criminal law meant litigation or working in the prosecutor’s office. “I didn’t know of ERISA. I hadn’t taken labor law classes,” she says, referring to the Employee Retirement Income Security Act, which sets...
“New York’s pension system was designed over a century ago—and it wasn’t designed for this,” said Ken Girardin, research director. “The prescription here is for Albany to put future hires in a more modern, more flexible retirement plan such as the ones offered to SUNY faculty, or ...
(with such amendment generally needing to be accomplished by the last day of the first plan year beginning on or after January 1, 2022); an extension of time to forward participant contributions to a retirement plan; the provision of certain blackout n...