'The next mayor and comptroller can speed New York City's recovery by working with public employee pension funds to increase investment in affordable housing, as they have in response to previous economic distress.' . affected by changes, be sure to visit this section often. Meanwhile, New York State Comptroller Tom DiNapoli on Monday reported that the state pension fund posted a 9.5% increase for its fiscal year ended March 31, bringing its assets to $272 billion. Please explore our JobOpportunities. place to live and work by promoting public policy reforms grounded in 00:04. The New York City Employees Retirement System (NYCERS) was System is to administer the statutory pension benefits of its Theres a lot more that has to be addressed. The new mayor of New York City, Eric Adams is entitled to a salary of $258,750. This joint package of legislation will create individual retirement accounts for private-sector workers at businesses of more than five employees who are not offered retirement savings plans and a board to oversee the investment of funds to the IRAs and conduct education and outreach to eligible workers. Finally, the FBI and Brooklyn US Attorneys Officeare probing Cuomo and his administration over theiralleged cover-up of nursing home deaths during the COVID-19 pandemic. 1760 A,sponsored by Council Member Mark Levine, willrequire owners of multiple dwellings that utilize smart access systems, to provide tenants with a data retention and privacy policy. Its time we expand this program equitably and make it permanent. New York City - $225,000 Los Angeles - $238,000 San Francisco - $289,000 (highest paid U.S. mayor) Many, though not all, mayors also receive benefits such as medical and dental insurance. A 2006 audit revealed that some former members of Congress collect both FERS and CSRS pensions after retiring. Only a felony conviction can trigger pension forfeiture. The retirement plan would also be portable, giving these employees the opportunity to continue their contribution or roll over their accounts into other plans. The city should dock former Mayor de Blasio's $113,131-a-year pension if he continues refusing to pay taxpayers the nearly $320,000 he owes for misusing his security detail while in office,. Board of Education Retirement System (BERS): Schools Chancellor Meisha Porter; Mayoral: Isaac Carmignani, Natalie Green Giles, Vanessa Leung, Gary Linnen, Lori Podvesker, Eric C. Henry, Kathy Park Price; Thomas Sheppard (CEC); Michael Kraft (Manhattan BP), Deborah Dillingham (Queens BP), April Chapman (Brooklyn BP), Geneal Chacon (Bronx BP) and Jaclyn Tacoronte (Staten Island BP); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372. The Mayor of New York City is the chief executive of New York City's government, as stipulated by New York City's charter. Todays vote by the trustees will help the pension system meet these goals and ensure we have a livable planet for future generations to come., We must act now and act boldly on climate change to protect the long-term interests of our beneficiaries, the sustainability of our pension investments and the stability and growth of the global economy, said New York City Comptroller Scott M. Stringer. This story has been shared 105,787 times. Now those good times have come to an end with the selloff in the stock market hitting pension funds even as city income tax collections fall, making it harder for Mayor Eric Adams to balance his city budget while also keeping the retirement funds topped off. By. promulgating rules and regulations necessary to carry out NASDAQ data is at least 15 minutes delayed. 1593 / S. 967). Kathryn Brenzel. Chicago voters will choose between Paul Vallas, a former city budget director and Chicago Public Schools chief, and Cook County Board Commissioner Brandon . Retirees protesting the Medicare Advantage situation relating to the 12-126 law outside of City Hall, Manhattan, New York, Wednesday, October 12, 2022. Rising temperatures; stronger, more destructive hurricanes; severe flooding; and increasing precipitation tied to climate change have already affected neighborhoods and communities across all five boroughs and are projected to become increasingly severe and costly over the coming decades. Making correct benefit payments in a timely manner. race, color, ethnicity, national origin, age, religion, document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. For the full article on LaborNotes, click here. McMahon of the Empire Center. Andrew Lloyd Webber will bring back Phantom of the Opera, penning King Charles IIIs coronation music, allegations contained in the sexual harassment report, American Crisis: Leadership Lessons from the COVID-19 Pandemic. "The divestment from fossil fuels is possible and necessary," said City Comptroller Scott Stringer, who . delivery for all our members, retirees and beneficiaries. At least five district attorneys across the state are investigatingallegations contained in the sexual harassment reportissued by state Attorney General Letitia James that forced Cuomo to step down. (877) 669-2377 Toll-Free Int. NEW YORK Mayor Bill de Blasio, Comptroller Scott M. Stringer, along with trustees of three of the City's pension funds, today announced these funds have adopted a commitment to achieve net zero greenhouse gas emissions in their investment portfolios by 2040. After a year of the COVID-19 pandemic keeping many New Yorkers indoors, the Council will also vote on a bill to make the previously implemented Open Streets Program permanent. City Hall, NY Since nearly 60% of New Yorkers dont have access to employer-sponsored retirement plan, the Council will vote on a bill to establish a City-facilitated retirement savings program for private sector employees. However, under current law, neither resignation nor impeachment for alleged misconduct bars eligibility for obtaining a pension for state service. In the races for mayor and City Council, if no single candidate receives more than 50% of the vote, the top two vote getters will face off again in a runoff five weeks later, on April 4. employees such as clerical workers, accountants and social (New York, NY) - Mayor Bill de Blasio, Comptroller Scott M. Stringer, along with trustees of three of the City's pension funds, today announced these funds have adopted a commitment to achieve net zero greenhouse gas emissions in their investment portfolios by 2040. To meet the laws mandate of providing legal counsel to low-income tenants, OCJ gradually expanded the program throughout the City, adding coverage to individuals in select zip codes. Local Law 136, the Citys Right to Counsel law, already requires the Office of Civil Justice (OCJ) to provide free legal representation to low-income tenants facing eviction. Editors say its time for elected officials to plan for their own retirements! In an interview with PIX11 News, Bernard Adams said that he plans to spend more time with his wife, children and grandchildren in New York after his resignation. Rather, it is currently the responsibility of adopted parents to ensure that adoptions are finalized within the U.S. and citizenship separately sought for those adopted children who entered the U.S. under visa categories ineligible for automatic citizenship. our customers. Our Retirement for All legislative package, consisting of Introduction 0901, sponsored by myself, and Introduction 0888 sponsored by Council Member Ben Kallos, will finally give private-sector workers a reliable, City-sponsored opportunity to save for retirement. VimBuzz.com is a website dedicated to bringing you authentic and fact-checked news. She also spent three years covering the city's . and advancement opportunities. New York City mayor Eric Adams speaking during a news conference, Monday, Nov. 21, 2022 after two men who authorities say represented a real danger to the city's Jewish community, were arrested. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. responsibilities include investing the assets of the retirement Years of service determine the amount elected officials receive in pension funds. Since net zero global emissions cannot be achieved by any one city, state, or country, the funds have joined the United Nations accredited Net Zero Asset Owners Commitment of the PAII to work collaboratively with other asset owners and pension funds toward this goal. Local Law 136 also requires OCJ to provide free limited legal assistance to tenants who earn more than 200% of the federal poverty level. Chicago Democrat Lori Lightfoot on Tuesday became the Windy City's first incumbent mayor in 40 years to lose re-election as rising crime in the city steered voters away from the embattled leader. To learn more about the problem: To handle retirement benefits for tens of thousands of elected officials serving as mayors, commissioners, county, city and township officials, nonprofit organizations set up by state governments usually centralize the administration and distribution of employee benefits. Pursuant to Section 4-210 of the New York City Administrative retirement plans for public sector employees offer benefits which free-market principles, personal responsibility, and the ideals of effective Int. State Comptroller Thomas DiNapoli manages one of the largest pension funds in the U.S. for over 1.1 million participants . We must make use all of the tools at our disposal to curb the effects of climate change, said Manhattan Borough President Gale A. Mayor Bill de Blasio expressed disbelief that soon-to-be-out-of-office Gov. To find out if your plan has been Thousands of city employees may have the option to retire early while getting up to 36 months' additional pension credit under a provision included in the state's $212-billion budget that was approved April 6. The Department of Housing Preservation and Development would be required to inform tenants and owners of multiple dwellings about the provisions of this law. Only by achieving net zero emissions before 2050 and eliminating the use of fossil fuels can these challenges be fully addressed. This program will give more New Yorkers the opportunity to plan for a secure and stable retirement. NEW YORKMayor Bill de Blasio, Comptroller Scott M. Stringer, along with trustees of three of the Citys pension funds, today announced these funds have adopted a commitment to achieve net zero greenhouse gas emissions in their investment portfolios by 2040. Leveraging modern technology to set new standards of Maximizing investment returns on the funds of the system with The states pension fund at its fiscal year end was fully funded with a ratio of 103%. Pension Plunge Puts Eric Adams in Future Financial Squeeze. The default employee contribution rate would be 5%, which employees can adjust up or down, or opt-out of at any time, up to the annual IRA maximum of $6,000 (or $7,000 if age 50 or above). located in Albany, New York. You can opt out at any time. pm In planning to double investments in climate solutions over the next four years to $8 billion, New York Citys pension funds will be realizing competitive advantages and strong returns to its beneficiaries and the people of this great city., New York City remains a leader in the divestment movement, said Angie Fyfe, Executive Director of ICLEI USA. retirement system. is a lot to be done and we are always looking for talented and The mayor appoints numerous officials, including deputy mayors and the commissioners who head city agencies and departments. New York City recognizes both the risks and opportunities that the urgency of the climate crisis presents.