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NY S07500
Bill
Status
6/7/2023
Primary Sponsor
Neil Breslin
Click for details
AI Summary
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Department of Financial Services must conduct a comprehensive study on creating a compensation system to match federal financial regulators' pay scales, in consultation with the Office of Employee Relations and Department of Civil Service.
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Study must identify positions within the SEC, Federal Deposit Insurance Corporation, Federal Reserve Bank of New York, Consumer Financial Protection Bureau, and Department of Treasury that have similar roles to DFS positions.
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A report must be submitted within one year to the Governor, Senate Temporary President, Assembly Speaker, and both minority leaders detailing proposed compensation systems, pay scales, and alternatives to achieve pay parity.
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Report must analyze alternatives to promote employee retention and evaluate potential savings from increased retention and training cost reductions.
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Act takes effect immediately upon enactment.
Legislative Description
Directs the department of financial services to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation systems of similar federal financial regulators and to issue a report of its findings.
Last Action
referred to labor
5/28/2024