Elmira will cut back employer contribution charges for pensions, saving taxpayers cash, based on Mayor Mandell

(WETM) – New York State Comptroller Thomas P. DiNapoli announced reductions in employer contribution rates to the New York State and Local Retirement System (NYSLRS) for its two systems – the Employees’ Retirement System (ERS) and the Police and Fire Retirement System ( PFRS). The adjusted rates will have an impact on payments in the next public financial year 2022-23. In addition, DiNapoli reduced the assumed long-term return on fund investments from 6.8% to 5.9%.

“The strength of the fund gives us the ability to weather volatile markets. Our prudent strategy for long-term, stable returns helps ensure that our state’s pension fund remains one of the strongest and best-funded in the country, ”said DiNapoli. “While the reduction in employer contribution rates is welcome news for taxpayers, our investment decisions are always based on what is best for our 1.1 million working and retired members and their beneficiaries.”

Elmira City Mayor Dan Mandell said this was great news for the city, which will be paying five percent less to its employees’ pension fund. He also said there will be more than one percent savings on the police and fire department pension fund. Mandell believes this will save taxpayers money in the long run as these funds will be reallocated in the 2022 budget.

“It’s a pleasant surprise. We are happy about that, especially for the upcoming budget in 2022. We hope for a tax increase of zero percent. [Funds will redistribute to] all other needs like police and fire brigade or wherever we have a great need, ”continued Mandell.

The estimated average employer contribution rate for ERS will be reduced from 16.2% to 11.6% of wages. The estimated average employer contribution rate for PFRS will be reduced from 28.3% to 27% of wages. The fund’s actuary estimates that the expected employer contributions for February 1, 2023 total $ 4.4 billion, which is $ 1.5 billion less than the expected employer contributions for the same period for 2022 – the lowest since 2011 .

This is the fourth time DiNapoli has cut the assumed rate of return on the state pension fund as economic and demographic conditions have changed. In 2010 he lowered the rate from 8% to 7.5%, in 2015 to 7% and in 2019 to 6.8%.

According to the National Association of State Retirement Administrators, the average assumed return on state pension funds as of August 2021 is 7.0%. Of the 133 government pension plans listed, 34 had assumed a return of less than 7%. There are plans with a fiscal year ending on June 30, 2021, and many have already announced that they will cut their assumed yields further.

DiNapoli also announced that the coverage ratio of the state pension fund is 99.3%.

The annualized returns on the state pension fund are 11.17% over the last five years, 9.19% over 10 years, 7.65% over 20 years and 8.96% over 30 years.

Employer rates for NYSLRS are determined based on investment performance and actuarial assumptions recommended by the Pension Scheme Actuary and approved by DiNapoli. You will find a copy of the actuary’s report here.

In 2012, DiNapoli began giving employers access to a two-year forecast of their annual pension bill. Employers can use this forecast when building their budgets. The estimates of the required contributions vary by employer and depend on factors such as the pension plans they have adopted, salaries and the distribution of their employees among the six pension levels.

There are more than 3,000 employers participating in ERS and PFRS and more than 300 different combinations of retirement plans.

Payments under the new tariffs are due by February 1, 2023, but employers receive a discount if they pay by December 15, 2022.

All American Leisure Named a 2021 Greatest Employer in North Carolina

Hiring and retaining top people to build a world class service organization is essential to our success.

Tweet that

“Workplace culture is something we focus on every day”, Margo Dunnigan, Chief Operating Officer, said. “For us, employees are our family. We are transforming our industry by building relationships with our professional clients and speakers. Hiring and retaining top people who have the desire and ability to build a world class service organization is essential to our success. I am proud that we also have an exceptional retention rate; the majority of our employees have been with us for five years or more. “

In addition to this award, AAE was previously recognized by the Triangle business journal and Inc. for excellence in the workplace.

Learn more about All American Entertainment:

About All American Entertainment

All American Entertainment (AAE) is a full-service speaker office and talent booking agency that exclusively represents the interests of meeting and event planners in order to select, book and hold events with keynote speakers and entertainment leave a lasting impression on their audience. As one of the largest global talent buyers, AAE has overbooked $ 200 million by celebrity talent on behalf of thousands of the world’s most respected companies and organizations. Since 2002, AAE has connected thousands of live and virtual events around the world with their perfect speaker, host, celebrity or performer.

For more information on All American Entertainment, visit www.allamericanspeakers.com or call 1-800-698-2536.

SOURCE All American Entertainment

similar links

aaehq.com

Are you owed cash from an employer? The best way to test and declare unpaid wages

Do you have unclaimed wages?

Sarah Tew / CNET

Does the federal government keep unpaid wages from an employer that you have to claim? It’s pretty easy to find out. The Department of Labor reclaimed $ 257 million in back payments in 2020. The money was collected from employers who owed workers money because, for example, they paid less than the minimum wage or withheld overtime.

In the past five years, the Department of Labor’s Wages and Hourly Department has reclaimed wages for more than 1.3 million workers. If the government agency determines that an employer owes you wage payments, it could cause the company to pay the difference. However, if the agency can’t find you to give you the money (for example, if you’ve moved or changed your name), they’ll keep the arrears wages that you can claim.

We explain how to find out if you need to get back unpaid wages and how to claim them. In the meantime, here’s how to see quickly when your state owes you money. If you have kids, find your share of that Child tax credit of $ 3,600 and what two IRS portals Will do.

Why is the US government holding my rebate?

When the Department of Labor’s payroll department determines that an employer has violated minimum wage and overtime laws that fall under the law Fair Labor Lawit seeks to regain those unpaid wages by having the employer pay you the full amount it owes you.

If the agency is unable to contact you, they will withhold your wages for three years. After that, it is a legal requirement to send the money to the US Treasury Department. After this time, you can no longer request any repayment.

This is how you can see if you have a refund to make a claim

There is a quick and easy way to find out if there are unpaid wages to which you are entitled.

1. Go to the DOLs Search tool for employee wages owed.

2. By doing Find the employer by name In the box, enter the company name that may owe you wages and tap WOW search Button.

3. When the search tool finds a match, it will display the company name in the results box. Select the company and tap Next.

4th. In the next window, enter your first and last name and tap Submit. If the tool determines that the department is holding unclaimed wages, it will direct you to a DOL office that can review your information and then send a check for the back payment.

How to claim unpaid wages from an employer to get your money

If you believe your employer has withheld wages not listed in the Workers Owed Wages tool above, you can make a complaint with the DOL. You will need to provide information such as pay, hours worked, and payroll to the DOL in order to determine whether to initiate an investigation. You can also contact your state’s employment agency File a complaint.

Cash with magnifying glass

You can file a complaint if you think your employer owes you money.

Sarah Tew / CNET

What are the current minimum wage and overtime rules?

The federal minimum wage is $ 7.25 per hour. A state may have a higher minimum wage, and in a situation where an employee falls under both federal and state wage laws, the employee may qualify for the higher minimum wage. Check with your state employment agency for more.

Employees who are under the Federal overtime regulations should receive 1.5 times their regular wage after working 40 hours in one working week. Note that federal regulations do not mandate overtime pay for weekends or holidays unless work on those days exceeds 40 hours in a work week. Note that state laws may define overtime differently. California, for example, charges overtime pay for one 8 hours working day.

For more ways to keep track of the money the government owes you, see How to Check the Status of Your Money Income tax refundhow to get thousands back on their feet Childcare costs and as you can see who to expect from July with the month Child tax credits.

Learn tips and tricks about intelligent gadgets and the Internet with our entertaining and ingenious instructions.

April Lee, Minot, charged with embezzling cash from employer | Information, Sports activities, Jobs

April Jeanette Lee, 22, is accused of embezzling $ 8,471.1 dollars from her employer, a Class C crime. She is charged with the crime in the Minot District Court.

Lee allegedly stole around 25 items and carried out several fraudulent cash and credit refunds in the two months she worked for the Southwest Minot store.

Lee said she needed extra money to pay for childcare and medical bills, according to an affidavit filed with the court.

According to the affidavit, she was also issued a quote prohibiting her from entering a TJ Maxx store in the future.

Get the latest news and more in your inbox