As of November 2022, the three New York City Retirement Systems combined have a total holding of: 7.74 million shares of Bank of America stock valued at $239.04 million. 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. New York lawmakers are set to become the most highly compensated state assembly in the country. providing a work environment that is free from discrimination and workers, and uniformed employees such as New York City Correction The board would work with the Comptrollerwho is responsible for managing trust funds held by the City, such as the pension fundsto select the investment strategies and policies. and accountable government. For the full article on LaborNotes, click here. New York City Mayor Election Results 2021 - Politico Executive Director; President, New York State Nurses Association . As fiduciaries, we must mitigate the tremendous systemic risk that climate change poses to our pension funds and, to do this, we must ensure our investments support limiting global warming below 1.5 degrees Celsius. View Meeting Agenda. The 2023 State Labor Power 100 - City & State New York The . Finally, the bill would provide for notice to council members and community boards, and require DOT to report on recommendations for modifications to the program. Have questions, comments or feedback? Shared by John Adler. This bill would establish a private right of action for the unlawful sale of data collected through a smart access system covered by the bill. ", We commend New York City for its leadership among cities in committing to net zero emissions across its pension investment portfolios by 2040, and joining other major asset owners in the Paris Aligned Investment Initiative, said Mindy Lubber, CEO and President of sustainability nonprofit Ceres. Brooklyn, NY 11201-3724. Sign up and get the latest stories from THE CITY delivered to your inbox each morning. Kathryn Brenzel. Many community organizations especially those in neighborhoods with limited existing access to parks or other open space have called for the program to be made permanent. Out of roughly 3.5 million private sector workers in New York City, only 41% have access to an employer-sponsored retirement plan, lower than the national average (53%), and down from 49% a decade ago. Mayor de Blasio, Comptroller Stringer, and Trustees - City of New York According to the publication "Red State," many. New York City manages about $160 billion in its public pension funds for teachers, police, firefighters and other city workers. The mayor appoints numerous officials, including deputy mayors and the commissioners who head city agencies and departments. infrastructure, facilitating access to information, developing For too many years, pension debt posed the greatest threat to the city's financial future. In Fiscal Year 2022, Black-owned vendors received under 2% of the value of City contracts, while Latino-owned firms fared little better. Still, de Blasio, Cuomos longtime nemesis, held out hope that the soon-to-be ex-governor could still lose out on the cash. NYC pension funds to divest $4 billion from fossil fuels To qualify for this windfall, a Florida lawmaker need only serve five years. An unused clause on the books could change that. Making correct benefit payments in a timely manner. Long Island City, NY 11101, Executive Labor leaders urge DNC to spike Atlanta - POLITICO Advocates and legal service providers have said that tenant outreach is an area that needs substantial improvement. 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. The Council will vote on a bill that would require owners of multiple dwellings that utilize smart access systems, to provide tenants with a data retention and privacy policy; establish restrictions on the collection and use of data collected from such systems; and restrict owners from collecting data about a tenants usage of utilities and internet services. Moran kicked off his campaign Tuesday with a . law. Illinois has virtually bankrupted its state's pension fund. Expanding Right to Counsel to all zip codes immediatelyis critical to protecting vulnerable New Yorkersstill dealing with the devastating aftermath of the pandemic. Resolution 1229,sponsored by Council Member Peter Koo, calls on the United States Congress to pass and the President to sign legislation that would extend citizenship, without exception, to all internationally adopted children, upon entry into the United States. 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. Our talented, professional, and dedicated employees are committed to providing a superior service by: Making correct benefit payments in a timely manner. New York City divesting $4 billion in fossil fuels from pension funds Re-energizing New York City's pension funds' historic commitment of 2 percent of its $250 billion of assets ($5 . Three NYC Pension Funds to Divest $4 Billion From Fossil Fuels Additionally, the Council will vote on a bill to establish a retirement savings board to facilitate the implementation of the program. 10. ", "Congratulations to the Mayor and Comptroller Stringer on their most recent moves to eliminate greenhouse gas emissions from three of the citys pension funds," said Michael Northrop, Sustainable Development Director at the Rockefeller Brothers Fund. Chicago's Next Mayor Must Have a Plan to Tackle the City's $34 Billion All benefits payable are funded by employee and employer Presidents. Chicago Mayor Candidates Vallas, Johnson to Face Financial, Pension Int. 00:04. In the previous year, pension gains were so large that the city saw its funded ratio a figure indicating how close the funds are to being able to pay all the benefits promised to workers soar from 78% to 98%. The most recent legislation that related to this was the Adoptee Citizenship Act of 2021(H.R. The City of New York offers its employees opportunities to become pension members through various systems. Some also are eligible to receive bonuses. SCHENECTADY Next year, Mayor-elect Gary McCarthy will become one of the many former government employees in New York state who continues to work full time while collecting a pension. As a result, the city last year reduced its expected contributions to its pension funds by a total of $5 billion over Adams first three budgets. The mayor's office is located in New York City Hall; it has jurisdiction over all five boroughs of New York City: Manhattan, Brooklyn, the Bronx, Staten Island and Queens. 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. Yet even a year into Mayor Adams's "Get stuff done" regime, we can't build five public toilets for less than $5.3 million, way higher than the cost other . Customer Services The bill would take effect immediately. 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. The Child Citizenship Act of 2000 attempted to address the existing gap by granting automatic citizenship to certain categories of internationally adopted children, however it excluded: (1) adopted children who were 18 years of age, or older, at the time of the Acts passage; (2) children adopted after the Acts passage, whose adoptions were not finalized in the countries of their birth and thus did not enter the U.S. on specific visas; and (3) children who entered the U.S. on non-immigrant or humanitarian visas. New York City Mandates Coronavirus Vaccines for Its Workers - The New No. In my State of the City address in January, I urged our pension funds to move to net zero greenhouse gas emissions by 2040 and to increase investments in climate change solutions to $50 billion by 2035. Residents are worried about de facto deregulation in a rapidly gentrifying neighborhood thanks to limited enforcement of the largely voluntary systems landlords use to register rent-stabilized apartments. The NYCERS Board of Trustees, as prescribed by law, consists of This legislation will allow more than half of working New Yorkers to lay a foundation for their future, and will particularly benefit communities of color that have seen their average household wealth plummet for over three decades, saidCouncil Member I. Daneek Miller. 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. For several years, rising share values had boosted the value of the assets held to pay benefits for retired government workers, allowing the city and governments throughout the state to save billions of dollars in contributions. NYCERS is a cost-sharing, multiple employer public employee Other types of benefits such as loans, Rebounding economy helped boost city revenue . 901-A, would have up to two years after its enactment to implement the program. State Comptroller Thomas DiNapoli manages one of the largest pension funds in the U.S. for over 1.1 million participants . 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. He was recently nominated by New York City Mayor Eric Adams to sit on a board charged with managing the tolling rollout. 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. Three of New York City's five public employee pension funds are divesting $4 billion from securities related to fossil-fuel companies. members, retirees, and beneficiaries. System is to administer the statutory pension benefits of its March 2, 2023 at 8:30 a.m. Mayor Eddie Moran has announced his intent to run for reelection. We must make use all of the tools at our disposal to curb the effects of climate change, said Manhattan Borough President Gale A. The board would be required to report annually on its activities and actions. In January 2021, the trustees voted to divest their portfolios of an estimated $4 billion in securities of fossil fuel reserve owners. Digital Vision./Digital Vision/Getty Images. The Empire Center is an independent, non-partisan, non-profit think tank promulgating rules and regulations necessary to carry out New York City mayor wants city retirement system for private employees Eric Adams Is Elected Mayor of New York City With a pension resolution, the mayor has the ability to strengthen key services, hire more police officers, bolster crime prevention and intervention programs, more enhancements in city parks, and better invest in neighborhoods. alike. "The divestment from fossil fuels is possible and necessary," said City Comptroller Scott Stringer, who . NYCERS is dedicated to a client-centered approach to quality This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Proposed Int. The. NYC Mayor de Blasio can't fathom Gov. Cuomo getting a $50K pension Battery Energy Storage Systems Will Make the City Greener and Theyre a Lot Safer Than E-Bike Batteries. This program will give more New Yorkers the opportunity to plan for a secure and stable retirement. Trusted Partner of NYC Employees for More Than 90 Years, Annual Comprehensive Financial Report (ACFR), Trusted Partner of NYC Employees for 100 Years, New York City Employees Retirement System, New York City Employees' Retirement System. During the Dutch colonial period from 1624 to 1664, New Amsterdam was governed by the Director of New Netherland. The Benchmarking New York tool features two searchable databases with multiple ways to analyze and compare data for different communities: Use the tools and information linked on this page to track how money is raised and spent by New York's state government, as reported in the financial plan based on the state budget. For issues specific to a neighborhood, it's best to contact the Council Member representing that community. Investing in New York - Office of the New York State Comptroller Lets face it, had he not resigned, he was going to be impeached, so I dont know how you get to get a pension as part of that, de Blasio said. 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. Out of roughly 3.5 million private sector workers in New York City, only 41% have access to an employer-sponsored retirement plan, lower than the national average (53%), and down from 49% a decade ago. They are our family members, our friends, and our neighbors, and it is far past time that we treat them with the basic human dignity that they deserve. Mail your completed form or correspondence to: Included in the Georgia retirement benefit package are disability insurance, cost-of-living increases and health care coverage, but if you peruse agencies underwriting the benefits of elected officials in the other 49 states, you are bound to discover an interesting assortment of retirement perks. To build an equitable, sustainable future, we must use our financial assets to champion investments in the green economyNew York Citys commitment to doubling investments in climate change solutions has raised the bar. Today's commitment by New York City's pension funds to achieve net zero greenhouse gas emissions shows vision and leadership -- and I believe it will ultimately help generate positive financial returns for our City pension beneficiaries. This bill would establish restrictions on the collection and use of data collected from such systems, including, among other things, requiring consent from tenants and their guests to gather such information, restricting the sharing of such information with third parties, and requiring that any data collected be removed, anonymized, or destroyed within a given time. Full career police and firemen (those serving 20 or more years) enrolled in New York's Police and Fire Retirement System (PRFRS) who became eligible to start receiving a pension during 2020 are eligible for an average award of $86,852 annually. Whether its upgrading Information Technology NYCERS is a defined benefit retirement plan. Int. This story has been shared 167,968 times. 'Didn't Quite Hit The Need': Bill De Blasio's Complicated Two-Term Legal services for tenants facing eviction. Among other things, each year NYCERS issues approximately than 350,000 active members and retirees including civilian In 2017, the City Council passed Local Law 136, known as the Universal Access to Legal Services (UA) or Right to Counsel law, which tasks the Office of Civil Justice (OCJ) with providing free legal representation to tenants earning no more than 200% percent of the federal poverty level and who are facing either eviction in Housing Court or tenancy termination from New York City Housing Authority (NYCHA). The board meeting agenda is posted within 24 hours of the scheduled meeting. our customers. As a former trustee of NYCERS, I am glad to see we are aligning our pension fund investments with our efforts to be part of the global solution to address climate change and prevent more extreme and devastating weather events like weve seen in the recent past, and doing so in a way that satisfies the fiduciary obligations of our pension system.". monitor state and city activities and keep you posted as to how The New York City Employees Retirement System (NYCERS) was Her newest book, "The Christmas Quilt," was published in December 2011. McCarthy . You can reach us via social media, email, paper mail, or at your district office. Fully completed forms may be placed in a secure Drop Box at NYCERS 340 Jay Street entrance Mon-Fri, 8 am-5 pm. The people who aided and abetted him need to be held accountable. Use this site to share, analyze and compare data from governmental entities throughout New York. Submit a "Freedom of Information Law" (FOIL) Request, NYC Council Releases Fiscal Year 2024 Preliminary Budget Tax & Economic Projections Showing Continued Post-Pandemic Recovery with Revenues Outpacing OMB Forecast, despite Mild Growth, Statement from Speaker Adrienne Adams on the Mayors Mental Health Agenda, Council Votes to Strengthen Fire Safety Related to E-Bikes and Lithium-ion Batteries, Speaker Adams, NYC Council, and Philanthropic Foundations Announce New Public-Private Partnership with $2.2 Million to Aid Community-Based Organizations Supporting Asylum Seekers and Communities, New York City Council Celebrates Signing of Bills to Improve Pay Equity in Municipal Workforce, Expand Accessibility for New Yorkers with Disabilities, and Provide Data on Homeless Families. Visit performance for information about the performance numbers displayed above. 2.99 million shares of JPMorgan Chase stock valued at $412.91 million, and Chicago Mayor Lori Lightfoot loses re-election bid as city battles A former Utah city mayor and one-time bishop of The Church of Jesus Christ of Latter-day Saints will likely spend the rest of his life in prison after being sentenced Thursday for child sexual abuse at a hearing in which his victims wept while detailing the torment they endured. While the S&P 500 stock index fell 14% in the first six months of 2022, Lander said that all is well with the pension funds Despite market declines on a scale that hasnt been seen in decades, the New York City retirement system outperformed our benchmarks and are well positioned to weather market volatility in the long run, he said in a statement.