DiNAPOLI: STATE PENSION FUND VALUE $206.9 BILLION

Earns 11.35 Percent Return on Investments in State Fiscal Year 2018

  New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund (Fund) earned an estimated 11.35 percent return on investments in the state fiscal year that ended on March 31, 2018. The Fund ended the year with an estimated value of $206.9 billion, which is subject to change once returns are fully audited. The Fund’s value at the end of state fiscal year 2017 was $192.4 billion.

“The New York State Common Retirement Fund’s value rose with help from strong markets through most of the fiscal year, which ended with a volatile fourth quarter,” DiNapoli said. “Fortunately, our conservative approach for gaining long term, sustainable returns protects the Fund in times of uncertainty. The Fund ended the fiscal year just as it began it, as one of the best funded, best managed pension plans in the nation. The strength and stability of our state’s pension fund is good news for the more than one million individuals in the state retirement system and for New York taxpayers.”

During state fiscal year 2018, the Fund’s public equities, including domestic and non-U.S. holdings, enjoyed overall returns of 15.03 percent. The Fund’s broader approach to fixed income markets over the last year returned 2.14 percent. The Fund’s diversification strategy performed well, with private equity and real estate delivering returns of 18.70 percent and 9.01 percent, respectively.

The Fund is the third-largest public pension fund in the country and is ranked one of the nation’s best-fundedpension plans, according to Pew Charitable Trusts. The New York State and Local Retirement System provides retirement security to more than one million active state and local government employees, retirees and their beneficiaries. Employer contribution rates are determined by investment results over a multi-year period along with numerous other actuarial assumptions, including wage growth, inflation, age of retirement and mortality. The Fund’s long-term expected rate of return is 7 percent. 

Solid returns in recent years have resulted in reductions in employer contributions.

The Fund’s value and rate of return in prior years is available online: http://www.osc.state.ny.us/press/docs/nyscrf_values_chart_2018.pdf

Non-US Equities	17.02%	15.20%
Private Equity	18.70%	8.3%
Real Estate	9.01%	6.7%
Global Equities	17.49%	5.3%
TIPS**	1.25%	3.9%
Absolute Return Strategies	5.90%	2.7%
Cash	1.71%	0.9%
Non-Core Fixed Income	5.23%	1.7%
Opportunistic Alternatives	12.32%	1.2%
Real Assets	10.33%	0.7%
*  Returns are estimated, pending audited data available later this year
** Treasury Inflation-Protected Securities

About the New York State Common Retirement Fund 
The New York State Common Retirement Fund is the third largest public pension fund in the United States. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The Fund has consistently been ranked as one of the best managed and best funded plans in the nation. The Fund's fiscal year ends March 31, 2019.

Bronx Man Convicted Of 2010 Murder

  Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced that JOSE SANTIAGO-ORTIZ was found guilty of murder, participating in a narcotics conspiracy, and firearms offenses yesterday after a one-week jury trial before the Honorable Lewis A. Kaplan.

U.S. Attorney Geoffrey S. Berman said:  “A unanimous jury convicted Jose Santiago-Ortiz of killing Jerry Tide in cold blood.  In addition, Santiago-Ortiz was convicted of narcotics conspiracy and firearms offenses.  We hope today’s verdict will bring some solace to the victim’s family, while also taking a violent offender off the street.”

According to the allegations contained in the Complaint and the Indictment and the evidence presented in court during the trial:

On September 11, 2010, SANTIAGO-ORTIZ shot and killed Jerry Tide in the vicinity of Jerome Avenue and 182nd Street in the Bronx.  Between 2010 and November 2015, SANTIAGO-ORTIZ was the leader of a violent heroin trafficking enterprise that trafficked kilogram quantities of heroin, stamped “Flow,” in the Bronx and to Rutland, Vermont. SANTIAGO-ORTIZ killed Jerry Tide in part to increase SANTIAGO-ORTIZ’s position within the Flow Heroin Enterprise.  In addition, in 2015, members of the Flow Heroin Enterprise engaged in several shootings with rival drug dealers in the Bronx.

SANTIAGO-ORTIZ, 27, of the Bronx, New York, was found guilty of one count of murder in aid of racketeering, which carries a mandatory sentence of life in prison; one count of murder while engaged in a narcotics conspiracy, which carries a mandatory minimum sentence of 20 years in prison and a maximum sentence of life in prison; one count of conspiring to distribute one kilogram and more of heroin, which carries a mandatory minimum sentence of 10 years in prison and a maximum sentence of life in prison; and one count of using firearms in furtherance of a narcotics conspiracy, which carries a mandatory minimum sentence of five years in prison and a maximum sentence of life in prison.

The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of a defendant will be determined by the judge.

SANTIAGO-ORTIZ is scheduled to be sentenced on September 18, 2018.

Mr. Berman thanked the FBI’s New York Field Division for their work on the investigation.

Former Bank Branch Manager Charged In $5 Million Fraud Involving Two New York Area Banks

  Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Philip R. Bartlett, Inspector in Charge of the New York Division of the U.S. Postal Inspection Service (“USPIS”), announced today the unsealing of a criminal Complaint charging MOSHE BENENFELD, a/k/a “Michael Benenfeld,” with bank fraud, in connection with hundreds of unauthorized transactions BENENFELD conducted in bank customer accounts when employed by two different New York-area banks.  BENENFELD is expected to be presented before U.S. Magistrate Judge Barbara C. Moses.

Manhattan U.S. Attorney Geoffrey Berman said:  “As alleged, Moshe Benenfeld betrayed his position of trust as a bank branch manager to steal account holders’ money.  Thanks to the Postal Inspection Service, Benenfeld is in custody and facing prosecution for his alleged crime.”

Inspector in Charge Bartlett said:  “Mr. Benenfeld exploited the position of trust granted to him by his employer.  He stole from family and friends to enrich himself and others.  Postal Inspectors encourage customers to keep a watchful eye on their money, no matter who it is entrusted to.” 

According to the allegations in the Complaint[1] unsealed today in Manhattan federal court:

Between 2000 and 2016, BENENFELD was the branch manager at a branch of a New York-area bank (“Bank-1”).  Beginning in or about 2004 and continuing into 2016, while employed at Bank-1, BENENFELD conducted hundreds of unauthorized transactions involving the accounts of over 20 bank customers, including the accounts of BENENFELD’s relatives.  Among other things, BENENFELD made unauthorized draws on, and payments to, customers’ lines of credit; made unauthorized withdrawals from, and deposits to, customers’ deposit accounts; and used customers’ deposit accounts as collateral for other customers’ lines of credit, without authorization.  To effect the unauthorized transactions, BENENFELD would, among other things, forge the signatures of bank customers and use a document previously signed by a bank customer to create paperwork that falsely purported to authorize a different transaction.  In or about April 2016, after having discovered BENENFELD’s conduct, Bank-1 terminated BENENFELD’s employment.  In or about June 2016, BENENFELD was hired by another bank (“Bank-2”).  At Bank-2, BENENFELD continued to conduct unauthorized transactions involving customer accounts.  As a result of the unauthorized transactions conducted by BENENFELD, Bank-1 sustained losses of over $5 million.

BENENFELD, 49, of Brooklyn, New York, is charged with one count of bank fraud, which carries a maximum sentence of 30 years in prison.  The maximum potential sentence is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

Mr. Berman praised the investigative work of the U.S. Postal Inspection Service’s New York Division.

The charges contained in the Complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

[1]  As the introductory phase signifies, the entirety of the text of the Complaint, and the description of the Complaint set forth herein, constitute only allegations, and every fact described should be treated as an allegation.

Council Member Ydanis Rodriguez - Amnesty for Fines of Taxi Drivers in New York City

  Monday, May 14th, Council Member Ydanis Rodriguez, standing with taxi drivers in Inwood, called on the New York City Taxi and Limousine Commission to forgive fines issued not related to pedestrian safety for any TLC licensed drivers.

 

This call comes in response to the critical state of the taxi industry. Over the past fourth months, four taxi drivers have committed suicide while medallion values continue to plummet.

 

"We are in the middle of a crisis in the taxi industry that is hurting hard-working New Yorkers, many of whom are immigrants that came to this country in search of a better future for their families. It is incumbent upon us as policymakers to employ any tools at our disposal to make sure we're not abandoning these families to their fate," said Council Member Ydanis Rodriguez.

 

The proposal would benefit the 180,000 TLC-licensed drivers in New York City. Cumulatively, drivers owe between $2 million and $3 million in TLC fines.

 

TLC Chair Meera Joshi said she would be open to taking a closer look at the council member's proposal. She added that her office has already implemented a policy to warn drivers when they commit minor infractions before issuing a fine. The agency is exploring ways for drivers to be able to pay outstanding fines. The TLC Driver Protection Unit is working closely with drivers to create payment plans and they are not pushed out of the industry because they are not able to pay their fines.

Council Member Rodriguez was a taxi driver himself when he first moved to New York when he emigrated from the Dominican Republic. He has a longstanding history of defending the interests of taxi drivers and fighting to level the playing field for yellow taxis, for-hire vehicles, and liveries. Among many other pieces of legislation and oversight hearings on the industry, the council member spearheaded the efforts to pass Local Law 135 to require FHV bases provided a means to allow passengers to provide drivers with a tip (gratuity) using the same method of payment passengers use to pay for the fare. Local Law 58 changes the tax on the transfer of a taxicab license from 5% of the consideration given for such transfer to 0.5% of the consideration given for such transfer.

Councilman Rev. Ruben Diaz - WHAT’S ALL THIS FUSS ABOUT TAXI AND LIMOUSINE COMMISSION (TLC) FINES?

WHAT YOU SHOULD KNOW

By Councilman Rev. Ruben Diaz

District 18 Bronx County, New York

You should know that on Monday, February 12^th, 2018 I convened my first committee hearing for the newly created “For-Hire Vehicle Committee” (FHV). The topic of this first hearing was TLC enforcement and the manner in which the inspectors treat drivers.   

The Committee heard testimony for seven hours, and it became very clear that the laws enacted in 2011 and 2016 (later codified as Local Laws 35 and 52) have succeeded in creating such excessive fines. These fines were both destroying the lives of drivers as well as violating the 8th Amendment to the US Constitution.  How did they manage to accomplish both?

It is important for you to know what happened in the industry between 2011 and 2018 may best be demonstrated with two statistics.  

First, the number of average rides per day has decreased to the point that in January 2011 the average daily trips for the taxi/FHV industry were 482,811.  Seven years later in January 2018, the figure was 282,565.  In other words in just seven (7) years the daily ridership for all taxi and FHV was decreased by almost half.

Second, in January 2011 there were a total of 39,708 total For-Hire Vehicles, and seven (7) years later there were 102,536.  In seven (7) years the numbers of For-Hire Vehicles rose by more than double and the number of daily trips fell by half.

  

Then in 2011 the New York City Mayor, the City Council, and its Speaker decided to greatly increase fines for taxi drivers and For-Hire Vehicles from $350 to $1,000. Not content, these were raised again in 2016 to $10,000. So while the number of For-Hire Vehicles were increasing to more than 150%, the Mayor, Council, and the Speaker added these huge fines. It is no wonder that a $1,000 fine wipes out a driver’s earnings for a month. 

My dear reader, you should know that my legal counsel has informed me these fines are in violation of the US Constitution, specifically the 8th Amendment. Most persons are familiar with the prohibition against cruel and unusual punishment, but there's another part which forbids “excessive bail, shall not be required nor excessive fines imposed.” The Supreme Court waited until 1998 to let us know what “excessive” fines are. They are fines which are not proportional to the offense caused.

During the hearing, we learned TLC Inspectors set up drivers by posing as passengers, sometimes as a handicapped individual in need of a taxi. In other situations, the inspector just opens the door and enters the taxi without the driver’s authorization.

  

Could you imagine my dear reader in 2018 that a $1,000 fine is costing a driver his/her monthly take home? It’s even worse to know these fines many times are given when a driver has been set up by the TLC Inspector. Ridiculous!

  

The solution to end this abuse is to repeal the 2011 and 2016 Local Laws 35 & 52. I am not urging lawlessness. I believe anyone who breaks the law should fined, but fines should be proportional to the harm caused. That’s why I have asked for such legislation.  

  

I am Councilman Rev. Rubén Díaz, and this is what you should know.

STATE SENATOR GUSTAVO RIVERA INDUCTS CLAUDE S. COPELAND JR. INTO NYS VETERAN'S HALL OF FAME

  State Senator Gustavo Rivera honored Claude S. Copeland, Jr. at the New York State Senate's 2018 Veteran's Hall of Fame Ceremony. This event seeks to honor those across the state that served as members of the United States Armed Forces and who have served their community with the same honor and dedication. Every year, State Senators across New York State nominate one veteran from their district to be inducted to the Hall of Fame.

Claude S. Copeland, Jr., was a Specialist for the United States Army from May 2001 to November 2008. In 2003, he was deployed to Iraq for almost a year. During his service, he received the Army Achievement Medal and the Good Conduct Medal. Claude currently serves his neighbors and community through his social justice work as the Climate Justice and Energy Democracy Organizer for the Northwest Bronx Community and Clergy Coalition. He is a staunch advocate and focuses his efforts on fighting for oppressed individuals within his community and abroad. Claude found his purpose in social justice work after joining New Day United Methodist Church in the Bronx. Claude is an active member of About Face, a progressive-thinking organization where he helped organize hundreds of veteran members to support the Standing Rock Sioux Tribe and others aligned against an interstate pipeline that was planned for their territory. On a local level, he worked vigorously with the Kingsbridge Armory Redevelopment Association in successfully securing a Community Benefits Agreement for the redevelopment of the Kingsbridge Armory into the country's largest ice sports complex. Claude selflessly dedicates his time to participate in an array of community organizations to improve access and opportunities in underserved communities. Claude Copeland is originally from Queens, NY, but has chosen to make the borough of the Bronx his home.

"I am very proud to honor Mr. Claude S. Copeland, Jr. by inducting him into the New York State Veteran's Hall of Fame for the 33rd Senate District. Claude works closely with my team, and so many others, to address energy access and sustainability by helping families with utility bills and by fighting for climate and environmental justice for the Bronx. Claude shows us every day what being an armed forces member teaches you about service to our country in the name of peace. His commitment to fostering change within his own community and beyond serves as an example to us all," said State Senator Gustavo Rivera.

MAYOR DE BLASIO ANNOUNCES FIRST-IN-NATION TASK FORCE TO EXAMINE AUTOMATED DECISION SYSTEMS USED BY THE CITY

   Mayor de Blasio announced the creation of the Automated Decision Systems Task Force which will explore how New York City uses algorithms. The task force, the first of its kind in the U.S., will work to develop a process for reviewing “automated decision systems,” commonly known as algorithms, through the lens of equity, fairness and accountability.

“As data and technology become more central to the work of city government, the algorithms we use to aid decision making must be aligned with our goals and values,” said Mayor de Blasio. “The establishment of the Automated Decision Systems Task Force is an important first step towards greater transparency and equity in our use of technology.”

“Fairness and equity are at the heart of human rights, and we are pleased to be partnering with leaders in and out of government to make sure City government itself aligns with these core values,” said Chair and Commissioner of the NYC Commission on Human Rights, Carmelyn P. Malalis. “The NYC Commission on Human Rights is proud to be part of New York City’s groundbreaking effort to ensure equity and transparency in the City’s use of algorithmic tools and we look forward to working with members of the task force and NYC diverse communities on this effort.”

The Task Force, the product of a law passed by City Council in December 2017, aims to produce a report in December 2019 recommending procedures for reviewing and assessing City algorithmic tools to ensure equity and opportunity.

 “We are excited to be the first city in the country bringing our best technology and policy minds together to understand how algorithms affect the daily lives of our constituents. Whether the city has made a decision about school placements, criminal justice, or the provision of social services, this unprecedented legislation gets us one step closer to making algorithms accountable, transparent, and free of potential bias. I thank my former colleague, James Vacca, for spearheading this effort while he was in the Council, and the Mayor for his support,” said Speaker Corey Johnson.

The task force will be co-chaired by Emily W. Newman, Acting Director of the Mayor’s Office of Operations, and Brittny Saunders, Deputy Commissioner for Strategic Initiatives at the Commission on Human Rights. It will be composed of City agency commissioners or their designees, as well as representatives from a variety of fields, including individuals from academic and legal communities, experts in data and technology, and leaders of nonprofits and think tanks. Representatives from the Department of Social Services, the New York City Police Department, the Department of Transportation, the Mayor’s Office of Criminal Justice, the Administration for Children’s Services, and the Department of Education are will also be named to the task force.

“I’m honored to co-chair the ADS Task Force, as its work will no doubt contribute to making New York City the fairest big City in the country,” said Emily W. Newman, Acting Director of the Mayor’s Office of Operations. “With equity and fairness as our guiding principles, I look forward to working alongside leaders and experts from multiple fields as we examine how the city uses algorithms to guide its decision making.”

“As emerging technologies evolve, it is imperative that they are developed and used with equity in mind,” saidDeputy Commissioner for Strategic Initiatives at the Commission on Human Rights, Brittny Saunders. “I am honored to co-chair this important task force and look forward to working alongside leaders and experts to increase transparency around these critical tools.”

“Cities must operate through the lens of understanding the many facets that make up their diverse mosaics,” said Brooklyn Borough President Eric L Adams. “This algorithmic data task force, which has an incredibly broad cross-section of members, is a welcome step in ensuring that the City’s day-to-day functions and resource allocations meet New Yorkers’ needs while addressing generational disparities. Equity should be at the forefront of all service delivery in every function of our municipal government.”

"Open data promotes open government. Today, our city makes another big step towards a more transparent government for all New Yorkers," said Council Member Peter Koo, Chair of the Committee on Technology. "The findings of the Automated Decision Systems Task Force will allow us to better understand what data is used, and how it is used, and will help us create a more equal system for all of our residents. I thank Mayor De Blasio and the NYC Commission on Human Rights for making our government more open, fair, and accountable, and I look forward to working with the new task force to ensure these values remains a priority for all city agencies."

Task Force Co-Chairs:

Emily W. Newman, Acting Director of the Mayor’s Office of Operations

Brittny Saunders, Deputy Commissioner for Strategic Initiatives at the NYC Commission on Human Rights

Task Force members include:

Solon Barocas, Assistant Professor, Cornell University

Shelby Chestnut, National Organizing and Policy Strategist, Transgender Law Center

Khalil Cumberbatch, Associate Vice President for Policy, The Fortune Society

Judith H. Germano, Esq., Founder, GermanoLaw LLC; Senior Fellow on Cybersecurity, NYU Center on Law & Security

Afaf Nasher, Esq., Executive Director, Council on American-Islamic Relations – New York

Jennifer Rodgers, Esq., Executive Director, Center for the Advancement of Public Integrity at Columbia Law School

Julie Samuels, Esq., Executive Director, Tech:NYC

Vincent Southerland, Esq., Executive Director, Center on Race, Equality, and the Law at NYU Law School

Julia Stoyanovich, Assistant Professor of Computer Science, Drexel University; Data, Responsibly

Meredith Whittaker, Co-Founder, AI Now Institute; Distinguished Research Scientist, NYU

Maya D. Wiley, Esq., Senior Vice President for Social Justice, The New School; Co-Director, Digital Equity Laboratory at The New School

Jeannette M. Wing, Avanessians Director of the Data Science Institute and Professor of Computer Science at Columbia University

Rosa Parks is the name you know. Claudette Colvin is a name you probably should.

Did you know we have a Civil Rights Icon living in Parkchester?

 Join NAACP Parkchester Branch as they pay tribute to

CLAUDETTE COLVIN

HEAR HER REMARKABLE STORY

Question and Answer to follow

Claudette Colvin unsung civil rights heroine refuse to give up her seat on a Montgomery, Alabama bus nine months before Rosa Parks. Claudette Colvin’s actions and not Rosa Parks’ that became the basis for the court case, Browder v. Gayle that ended segregation on public transportation in Montgomery. 

St. Paul's Church 

1891 McGraw Avenue

Sunday May 20th 3:30 PM