Monthly Archives: April 2013

Pension victory for public employers

Business Council member Bond, Schoeneck & King Attorneys recently won a pension victory for public employers in New York State.  The decision could impact any public employer that employs police or firefighters with Tier V pensions and also has a collective bargaining agreement that addresses non-contributory retirement plans.

In City of Yonkers v. Yonkers Fire Fighters, Local 628, IAFF, AFL-CIO, No. 48, April 2, 2013, the Court of Appeals held that unions cannot invoke the Triborough Amendment to preserve benefits under non-contributory pension plans.  The court found that Section 201(4) of the Civil Service Law and Section 470 of the Retirement and Social Security Law require employees to make the required 3% pension contribution and can’t go to arbitration on the issue.

Read: Bond Secures Major Pension Victory For Public Employers Across New York State

 

 

Utica College collaborates with anti-money laundering specialists

Utica College is the first college in the nation to become and education partner with the Association of Certified Anti-Money Laundering Specialists. The Association is known worldwide for enhancing the knowledge and expertise of anti-money laundering and counter-terrorist financing detection and prevention professionals.

The need for anti-money laundering experts grows daily, industry experts say.

“It’s  not only banks and credit card companies that need to hire these  professionals. Due to an increasingly complex regulatory environment –  and an ever-more sophisticated, high-tech  network of criminals – the  need has extended to casinos, real estate agencies, precious metal and jewelry dealers, securities brokers, accountants, lawyers, insurance companies and more,” said Suzanne Lynch, professor of practice and chair  of online economic crime programs at Utica College.

Utica College’s Financial crimes website.

ACA prompts shift to more part-time workers

NPR posted a story today about more companies shifting to part-time workers due to the impending implementation of the Affordable Health Care Act.  Although it is not clear if the move is soley due to the health care law, more part-time workers would save companies money under the new regulations.  Experts state workforces have been shifting this way for a while because it allows for more flexibility and minimizes costs but the NPR story highlights a scenario illustrating the impact of ACA on a business owner.  Gross profit on full-time temp employee is estimates at around $3,000 but under ACA health care costs for the employee would be $2,900.  Although that would seemingly leave $100 profit, that does not include other business expenses that would be incurred.

Read the full artilce on NPR’s website.

Students gaining more access to college… online

New York Times logoDid you know that “nearly half of all undergraduates in the United States arrive on campus needing remedial work before they can begin regular credit-bearing classes[?]” So wrote Tamar Lewin of The New York Times. That “early detour,” writes Lewin, can lead to heavy debt and a high drop-out rate. There are solutions, though. They’re online.

Click here to read Lewin’s report.

Kodak back in black for the first time since 2010

Kodak logoLong-time Business Council member Kodak reported $283 million in consolidated net earnings in the first three months of 2013, compared to a $366 million loss in the prior-year quarter.

The profitable quarter reflects improved results of the Commercial Imaging segments and includes a $535 million gain recorded on the sale of Kodak’s digital imaging patent portfolio, partially offset by a $77 million non-cash goodwill impairment charge related to the patent sale.

“These results demonstrate that we are on track with our strategy to focus on Commercial Imaging, and that we are making operational improvements as Kodak takes the right steps to emerge as a profitable and sustainable company,” said Antonio M. Perez, Chairman and Chief Executive Officer. “We have the right strategy and the right technology and products to extend our leadership in the industry.”

 

 

NYTimes: HarperCollins backing off book about Cuomo in favor of one written by him

It was only last April when Fred Dicker, a political columnist for The New York Post, announced that he was writing a biography of Governor Cuomo. At the time, a spokesman for Cuomo said the governor would cooperate with it. What a difference a year makes. Their relationship has since cooled. Now New York Times reporters Thomas Kaplan and Julie Bosman are reporting that HarperCollins has agreed to instead publish a memoir by the governor himself.

Click here to read more.

 

Here comes Spider-man – to Rochester

Filming for Columbia Pictures; The Amazing Spider-man, begins today in Rochester. During the nine-day shoot, the production’s second unit will film a car chase scene, according to a press release sent out by the Cuomo administration.

“The wait is over: The Amazing Spider-Man 2 is coming to Rochester,” Governor Cuomo said. “Since the day we announced the shooting of this movie in New York, franchise fans in Rochester and all across the state have been eager to get a glimpse of the action happening right in their backyards. In addition, having this production come to Rochester will mean new jobs and investments in the area. We are pleased to welcome Peter Parker and company to the beautiful City of Rochester.”

The movie will be film entirely in New York.