NYC Comptroller Lander & Pension Fund Trustees Announce Agreements with Retail and Consumer Product Giants to Disclose Annual Workforce Diversity Data

 

Agreements reached with Dollar Tree, Grocery Outlet Holding & Mattel; Proposal also filed at DICK’s Sporting Goods requesting the company follow suit

Success builds on leadership securing crucial EEO-1 disclosure agreements

New York City Comptroller Brad Lander and trustees of the New York City Employees’ Retirement System, the New York City Teachers’ Retirement System, and New York City Board of Education Retirement System (collectively, the Systems), announced that they reached agreements with the boards of Dollar Tree, Grocery Outlet Holding and Mattel to disclose annual workforce diversity data following successful shareowner engagements. The Systems have also filed a proposal at DICK’s Sporting Goods requesting this disclosure.

“When companies disclose their workforce diversity, investors get a real look at how companies uphold their commitment to equity and inclusion. EEO-1 data serves as a powerful tool for investors to hold companies accountable, enabling us to assess progress and ensure they live up to their own standards. This transparency encourages companies to foster a workplace that reflects the diverse perspectives essential for sustained success and long-term shareholder value,” said Comptroller Brad Lander.

In 2020, the Systems launched the successful Diversity Disclosure Initiative. Since then, nearly all S&P 100 companies have disclosed their EEO-1 report, up from about 14 in July 2020. Agreements have been reached with major companies including the Home Depot, McDonald’s Corporation, Netflix, Nike, Verizon Inc. Many smaller companies also disclose this report.

The Consolidated EEO-1 report is a comprehensive breakdown of a company’s workforce by race, ethnicity, and gender submitted annually to the U.S Equal Employment Opportunity Commission (EEOC). The report is broken into ten employment categories, including senior management. These reports are an important tool for measuring a company’s progress on representation of employees of color and women at various levels of the corporation.

Transparency around workforce diversity is a concrete step companies can take to follow through on their commitments to racial equity and diversity inside and outside of the workplace. Disclosure of EEO-1 reports enables investors to assess the progress companies are making toward their commitments to increase representation at all levels of the organization.

Disclosure of the report will provide investors with critical information, including:

• Standardized, quantitative, and reliable data that is comparable across companies and industries, enabling investors to assess the representation of employees of color and women at various levels of the corporation;
• Specific data on senior management diversity; and
• Particularized data that allows investors to assess the representation of specific racial and ethnic groups by gender, such as Black female employees, in a job category – and to make meaningful, year‐over‐year comparisons.

As of December 31, 2023, the three Systems have holdings valued at $26.9 million at DICK’s Sporting Goods, $28 million at Dollar Tree, $2.4 million at Mattel, and $445,694 at Grocery Outlet Holding Corp.

In addition to Comptroller Lander, the trustees of the aforementioned systems are as follows:

New York City Teachers’ Retirement System (TRS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; Chancellor’s Representative, Gregory Faulkner, New York City Department of Education Panel for Educational Policy; and Thomas Brown (Chair), Victoria Lee, and David Kazansky, all of the United Federation of Teachers.

New York City Employees’ Retirement System (NYCERS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Antonio Reynoso (Brooklyn), Donovan Richards Jr. (Queens), Vito Fossella (Staten Island), and Vanessa L. Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Richard Davis, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

New York City Board of Education Retirement System (BERS): Schools Chancellor David C. Banks, Represented by Karine Apollon; Mayoral appointees Lilly Chan, Marjorie Dienstag, Gregory Faulkner, Anita Garcia, Anthony Giordano, Alan Ong, Phoebe Sade-Arnold, Maisha Sapp, Venus Sze-Tsang, Gladys Ward; CEC appointees Naveed Hasan, Jessamyn Lee, Thomas Sheppard, and Ephraim Zakry; Borough President Appointees Geneal Chacon (Bronx); Tazin Azad (Brooklyn); Kaliris Salas-Ramirez (Manhattan); Shirley Aubin (Queens); Aaron Bogad (Staten Island); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.

Governor Hochul Reminds New Yorkers About Expanded Move Over Law to Include All Stopped Vehicles on Highways

Drivers Must Slow Down or Move Over to Avoid a Crash with Any Disabled or Stopped Vehicle

Move Over Law Protects Drivers, Pedestrians, Highway Workers, and Emergency Responders

Governor Kathy Hochul today reminded drivers that New York’s Move Over Law will soon be expanded to include all vehicles which will improve highway safety for everyone. Starting March 27, 2024, drivers will be required to take precautions, including slowing down and moving over, to avoid a crash with all vehicles stopped along the roadway.

“The safety of all New Yorkers is my top priority, especially those pulled over to the side of the road,” Governor Hochul said. “If you see that you are approaching a disabled vehicle, slow down and move over as best you can to give them some space.”

From 2016 to 2020, 37 individuals were killed outside disabled vehicles in New York. Nationally, nearly 300 drivers are struck and killed roadside every year. The Move Over Law was enacted to prevent those tragedies and make New York’s roadways safer for all.

The law first became effective in 2010 to prevent collisions with emergency vehicles that were stopped on the roadway. The law has been expanded several times to also cover hazard vehicles, highway worker vehicles, and tow trucks. In 2023, Governor Hochul signed a bill to further strengthen the law by including this protection for all vehicles stopped on the roadway. Under the law, when a driver is approaching a vehicle stopped along either shoulder of the road, they should:

• change into a lane not immediately adjacent to the vehicle, or
• slow down to a reasonable speed if unable to safely make a lane change.

Also today, the Governor’s Traffic Safety Committee is launching a public awareness campaign using radio, social media and other out-of-home elements to remind people they will need to “Slow Down, Move Over” as best they can when they come upon someone stopped on the side of the road or in a driving lane. According to the National Highway Traffic Safety Administration, all 50 states have "Move Over" laws to protect law enforcement officers and other first responders, yet one-third of Americans are not aware of these laws.

NYS Office of the Comptroller DiNapoli: 2023 Wall Street $34 Billion Bonus Pool Relatively Flat Over 2022

 

Average Bonus for Employees in NYC's Securities Industry was $176,500

The average annual Wall Street bonus dipped to $176,500 last year, a 2% decline from the previous year’s average of $180,000, according to New York State Comptroller Thomas P. DiNapoli’s annual estimate. Wall Street’s profits were up 1.8% in 2023, but firms have taken a more cautious approach to compensation and more employees have joined the securities industry, which accounts for the slight decline in the average bonus.

“Wall Street’s average cash bonuses dipped slightly from last year, with continued market volatility and more people joining the securities workforce,” DiNapoli said. “While these bonuses affect income tax revenues for the state and city, both budgeted for larger declines so the impact on projected revenues should be limited. The securities industry’s continued strength should not overshadow the broader economic picture in New York, where we need all sectors to enjoy full recovery from the pandemic.”

The $33.8 billion bonus pool for 2023, which closely matched the 2022 pool, was well below the 25% growth seen in 2020 ($37.1 billion) and the 15% jump seen in 2021 ($42.7 billion), but slightly over the pre-pandemic high of $32.1 billion.

Wall Street bonuses have a significant impact on tax revenue in the state and city budgets. DiNapoli estimates that the securities industry accounted for approximately $28.8 billion in state tax revenue, or 27.4% of the state’s tax collections, for State Fiscal Year (SFY) 2022-23, and $5.4 billion in city tax revenue, 7% of total tax collections for City Fiscal Year (CFY) 2023.

In 2022, bonuses generated $447 million less in state income tax revenue and $204 million less for the city compared to the prior year. DiNapoli projects the 2023 bonuses in New York City’s securities industry will generate $4 million less in state income tax revenue and $2 million less for the city when compared to the previous year. The Governor’s proposed budget assumed bonuses in the broader finance and insurance sector would decrease by 2.7% in SFY 2023-24, while the city’s CFY 2024 financial plan assumed a decrease of 7.8% in securities industry bonuses. These anticipated declines should minimize any significant impacts to their budgets in the short-term.

The securities industry also has a significant impact on the city’s employment and overall economy. In 2023, the sector employed about 198,500 people, up from 191,600 the prior year. DiNapoli estimates that 1 in 11 jobs in the city is either directly or indirectly associated with the securities industry. While the city remains the capital of the U.S. securities industry, its share of the sector’s jobs has been declining over time. Sector employment in 2023 was 1.3% lower than in 2000, which represented the peak for securities industry employment in the city.

As more securities employees are back in the office, there is increased spending in the city. Financial services firms reported 65% of employees were in the office on any given day in September 2023 (post-Labor Day), compared to 58% for all firms in the city, according to the Partnership for New York City’s survey.

Additionally, 42% of securities industry employees ride the subway, a higher rate than the citywide average for workers. DiNapoli estimates Wall Street was responsible for 14% of all economic activity in the city in 2022, and thus the financial sector’s ability to generate revenue and turn profit is critically important to New York.

Methodology

DiNapoli’s office releases an annual estimate of bonuses paid during the traditional December through March bonus season to securities industry employees who work in New York City. Bonuses paid by firms to their employees located outside of New York City, whether in domestic or international locations, are not included. The Comptroller’s 2023 estimate is based on personal income tax withholding trends and includes cash bonuses paid for work performed in 2023 and bonuses deferred from prior years that have been cashed in. The estimate does not include stock options or other forms of deferred compensation for which taxes have not been withheld.

Charts

Bonus Pool Chart from 1993 to 2023

Annual Profits and Employment Chart

Related Work

Report

The Securities Industry in New York City, October 2023

Dashboard

Securities Sector Industry Dashboard

Exciting KRVC News!

 

Team KRVC Transition Announcement from Tracy McCabe Shelton 

Dear Community, 

The purpose of this message is to make an important and exciting Team KRVC transition announcement. First, I will be stepping down as Executive Director of the Kingsbridge-Riverdale-Van Cortlandt Development Corporation/KRVC, effective June 30, 2024. Second, I am happy to announce that Laura Levine-Pinedo was recently approved by the KRVC Board to become our interim-acting Executive Director effective July 1, 2024. 

It has been an honor and a privilege to serve as the KRVC Executive Director for the past 14 years. I am so proud of the team we built, the events we produced, the programs we implemented, the new office we opened and so much more. I feel confident, with the strong foundation we now have, that KRVC will continue on for many years to come. 

Laura is enthusiastic about taking over, has boundless energy and an endless stream of great ideas. She is dedicated to community service and KRVC is the perfect vehicle to support her work. I hope our whole community will join me in continuing to support KRVC so that it can remain a strong organization under Laura’s leadership. 

Tracy 

New York City Hispanic Chamber of Commerce - Cannabis Entrepreneurship at El Barrio Artspace 109

 

Operator of Florida Labor Staffing Companies Sentenced to Four Years in Prison for Tax and Immigration Charges

 

The operator of several Key West, Florida, labor staffing companies – including PSEB Specialty Service Inc., Perfect Service Excellent Benefits Services Inc., Starline Hospitality Inc., Norbert Janitorial Service Inc., E.S.F. Services Inc. and Expert Services F.S. Inc. – was sentenced today to four years in prison for tax and immigration-related crimes.

According to court documents and statements made in court, at various times between January 2011 and January 2021, Petr Sutka and others helped run a series of labor staffing companies that facilitated the employment in hotels, bars and restaurants in Key West and elsewhere of non-resident aliens who were not authorized to work in the United States. These labor staffing companies did not withhold federal income taxes and Social Security and Medicare taxes from these workers’ wages and did not report the wages to the IRS.

In addition to his prison sentence, U.S. District Court Judge Jose E. Martinez for the Southern District of Florida ordered Sutka to serve three years of supervised release and to pay $3,551,423.84 in restitution to the United States.

Sutka’s co-conspirators, Vasil Khatiashvili and Zdenek Strnad, are scheduled to be sentenced on April 22.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Markenzy Lapointe for the Southern District of Florida made the announcement.

Homeland Security Investigations and IRS Criminal Investigation investigated the case.

Governor Hochul Announces Extension of Home Heating Assistance Programs Through April 12

Second Round of Emergency Home Heating Aid Now Available for Eligible New Yorkers

Home Energy Assistance Program Helps Eligible Households Pay Their Heating Bills

Governor Kathy Hochul announced the availability of additional home heating assistance to help low- and middle-income New Yorkers who are struggling to pay their energy bills, are in danger of running out of heating fuel or having their utility service shut off. The Home Energy Assistance Program (HEAP) has extended the deadline for Regular and Emergency HEAP applications to April 12 and is now accepting applications for a second emergency benefit from eligible New Yorkers who have used up their regular and first emergency benefits.

“Energy prices remain high, putting a burden on struggling New Yorkers trying to pay their bills,” Governor Hochul said. “New Yorkers are applying for HEAP benefits, and by extending the program through April 12 and offering a second emergency benefit, we are continuing to provide critical relief to low- and middle-income households.”

HEAP, which is overseen by the Office of Temporary and Disability Assistance, is federally funded and can help eligible New Yorkers heat and cool their homes. Normally, eligible households can receive one Regular HEAP benefit each winter and could also be eligible for a single Emergency HEAP benefit if they face an energy crisis. Those that have already received a regular and emergency benefit this winter will be able to apply for an additional emergency benefit, if they are facing a utility shut off or are running out of heating fuel and cannot afford to replenish it.

Eligible homeowners and renters may receive up to $976 in heating assistance, depending on their income, household size, how they heat their home, and if the household contains a vulnerable member. A family of four may have a maximum gross monthly income of $5,838, or an annual gross income of $70,059 and still qualify for benefits.

More than 1.4 million Regular HEAP benefits totaling $198 million have been issued this heating season since the program opened November 1, with an additional 49,000 Emergency HEAP benefits totaling $30 million provided since January 2.

Applications for assistance are accepted at local departments of social services and can be submitted online, through the mail or in person. Additionally, older adults needing assistance with HEAP applications can contact their local office for the aging or contact the NY Connects helpline at 1-800-342-9871. The deadline for the Regular, Emergency, and second Emergency benefit is April 12. Assistance is provided on a first-come, first-served basis.

Additionally, assistance through the 2023-2024 Heating Equipment Repair and Replacement program remains available to help eligible homeowners repair or replace their furnace, boiler, and other direct heating equipment necessary to keep their home’s primary heating source working. Benefit amounts through the HEAP Heating Equipment Repair and Replacement program are based on the actual cost incurred to repair or replace the essential heating equipment - up to $4,000 for a repair and $8,000 for a replacement.

Eligible homeowners can also continue to apply for a HEAP Heating Equipment Clean and Tune benefit to keep their home's primary heating source working at peak efficiency. Applicants for these benefits should contact their local department of social services for more information.

NYS Office of the Comptroller DiNapoli Releases Profile of New York's Small Business Owners

 

Even as many small businesses shuttered their doors or struggled through the pandemic, entrepreneurs in New York continued to identify and pursue new opportunities, according to an analysis by State Comptroller Thomas P. DiNapoli. New York exceeds the nation in the share of businesses that are majority female and minority-owned; however, they continue to represent less than one-quarter of all owners in New York state.

“New Yorkers have always had a great entrepreneurial spirit and drive, and that was no different even during some of the more difficult times of the pandemic,” DiNapoli said. “Policymakers should encourage small business growth, and particularly initiatives to spur entrepreneurship and foster successful businesses that reflect the diversity of our state.”

DiNapoli’s report found that for 9 out of 10 New York business owners, being their own boss and greater income potential were the primary reasons they started their business. Over 80% cited flexible hours, work-life balance and the best avenue to promote their ideas as reasons. For 72% of New York business owners, their business serves as the primary source of their income. According to data from the Kauffman Institute, the share of New York’s population that started a new business was 12^th highest among states in 2021.

DiNapoli’s analysis also found:

• New York’s share of majority minority-owned firms, 26.4%, is higher than the national average (21.7%), but lower than other large, diverse states, like California, Florida and Texas. Of minority-owned businesses, the greatest share of firms nationally and in New York were Asian-owned – 17.6% in New York and 11.3% in the U.S.
• Hispanic and Black business owners are significantly underrepresented relative to their shares of New York’s population. New York’s share of Hispanic-owned firms, 5.9%, is well below the share of state population (19.5%). Rates were significantly lower for Black business ownership: 3.4% of owners compared to 14.2% of population in New York.
• New York lags the nation in the share of firms that are owned by veterans. New York’s 3.3% share of majority veteran-owned firms was the lowest among the 36 states that supplied reliable data for the survey. In contrast, the national average was 5.4%.
• New York exceeds the national average in the share of business owners that were foreign-born at 28.7% compared to 18.5% nationwide. The share of business ownership is also higher than the share of New York’s population (22.3%).

DiNapoli said promoting and expanding initiatives designed to assist small businesses, and underrepresented business owners in particular, is necessary. Empire State Development’s Division of Small Business administers critical programs that assist the business community including the Business Mentor NY program that provides free business mentorship to entrepreneurs and Entrepreneurial Assistance Centers that provide training and technical assistance to small businesses.

In addition, the state needs to ensure federal funds intended to assist small businesses under the State Small Business Credit Initiative, a federal program established in 2010 to increase access to capital for traditionally underserved small businesses, are allocated efficiently and effectively. Research indicates access to capital and other financing resources is often identified as a key reason for low rates of business ownership among women and people of color.

The New York State Common Retirement Fund makes investments intended to generate market returns consistent with the risk of private equity while supporting New York’s small businesses. The New York Credit Small Business Investment Company Fund provides credit financing to eligible New York-based companies. The Fund also invests in Pursuit, which underwrites loans to small businesses in New York. Pursuit has made 1,227 loans totaling $462 million to businesses in all 62 counties. Pursuit has an active Veteran’s Loan Program through which New York business owners who serve in the National Guard or Reserve, along with honorably discharged former active-duty members, can access small business loans. Pursuit has a goal of making at least 25% of its loans to Minority and Women-Owned Business Enterprises. As of 2023, 20% of Pursuit loans that were due to Fund investments were made to women-owned businesses and 28% were made to minority-owned businesses. The In-State Private Equity Investment Program has provided $1.7 billion to 560 New York companies since March 31, 2023.

Analysis

Economic and Policy Insights – New York State Business Owners

New York State Business Owners Dashboard