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Unemployment rises across CNY regions in July 2024
Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions all increased in July compared to a year ago, a sign of some softening in the labor market. The figures are part of the latest New York State Department of Labor (NYSDOL) data released on Aug. 20. Regional unemployment rates The jobless rate […]
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Unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions all increased in July compared to a year ago, a sign of some softening in the labor market.
The figures are part of the latest New York State Department of Labor (NYSDOL) data released on Aug. 20.
The jobless rate in the Syracuse area rose to 4.1 percent in July from 3.5 percent in July 2023.
Around the 16-county Central New York area, the Utica–Rome region unemployment rate rose to 4.2 percent from 3.6 percent; the Watertown–Fort Drum area’s number hit 4.4 percent, up from 3.9 percent; the Binghamton region’s jobless number increased to 4.4 percent from 3.7 percent; the Ithaca metro area posted a 3.9 percent unemployment rate, up from 3.3 percent; and the Elmira region’s rate rose to 4.4 percent in July from 4.0 percent in the same month a year ago.
The local-unemployment data isn’t seasonally adjusted, meaning the figures don’t reflect seasonal influences such as holiday hires.
The unemployment rates are calculated following procedures prescribed by the U.S. Bureau of Labor Statistics, the state Labor Department said.
Statewide, the unemployment rate rose to 4.3 percent in July from 4.1 percent a year prior. New York’s current jobless rate was the same as the U.S. rate of 4.3 percent in July.
The federal government calculates New York’s unemployment rate partly based upon the results of a monthly telephone survey of 3,100 state households that the U.S. Bureau of Labor Statistics conducts.
SUNY Oswego’s OWIER names first director of workforce innovation
OSWEGO — SUNY Oswego’s Office of Workforce Innovation and External Relations (OWIER) has named Kathryn Watson as its inaugural director of workforce innovation and community impact. SUNY Oswego President Peter Nwosu launched the school’s OWIER in the fall of 2023, The OWIER provides a designated point of entry into SUNY Oswego for industry, nonprofit, public,
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OSWEGO — SUNY Oswego’s Office of Workforce Innovation and External Relations (OWIER) has named Kathryn Watson as its inaugural director of workforce innovation and community impact.
SUNY Oswego President Peter Nwosu launched the school’s OWIER in the fall of 2023,
The OWIER provides a designated point of entry into SUNY Oswego for industry, nonprofit, public, private, and community partners to “connect with institutional assets,” per the Aug. 14 announcement.
The OWIER says staff members identify and “form mutually beneficial partnerships” with the Central New York area to “generate economic and social benefits” for the region. Those benefits “align with the priorities and vision of SUNY Oswego and with the mission to contribute to the common good while advancing SUNY Oswego’s institutional-wide priorities and goals,” the school said.
Watson will report directly to Kristi Eck, assistant VP for workforce innovation and external relations at SUNY Oswego and a member of the president’s cabinet. Watson’s work focuses on helping the school advance grant applications that “align with immediate institutional and workforce-innovation priorities.”
At the same time, she’ll work at providing timely and necessary programming to support workforce innovation and upskilling demands. Watson will also focus on connecting the greater community with SUNY Oswego employees and students related to these areas of focus, per the university’s announcement.
“We are thrilled to have Kathryn join our team at SUNY Oswego and within the OWIER,” Eck said in the school’s announcement. “Kathryn has an exemplary and established leadership record in our community and a proven ability to identify and unite partners around achieving a shared goal and desired impact. Kathryn will be a great addition to the OWIER team. I cannot wait to work with her.”
Within her responsibilities as director of workforce innovation and community impact, Watson will serve as the project director for the Retired and Senior Volunteer Program (RSVP) of Oswego County and as SUNY Oswego’s Instructor Bootcamp project coordinator.
Before joining SUNY Oswego’s OWIER, Watson served as the executive director of the Children’s Museum of Oswego from 2019-2024. She and her team at the museum started dozens of museum initiatives with businesses, nonprofits, and organizations in the region, SUNY Oswego said.
Watson is a member of the advisory council for the Greater Oswego-Fulton Chamber of Commerce and served as the keynote speaker for the chamber’s annual meeting in January 2022. Watson also sits on the Oswego County Tourism Advisory Council and the Pre-K through 16 Micron Steering Committee, SUNY Oswego said.
DFS adopts insurance guidance to combat discrimination in artificial intelligence
ALBANY — It was a step meant to protect consumers from unfair or unlawful discrimination by insurers using artificial intelligence (AI). The New York State Department of Financial Services (DFS), a financial regulatory agency, a few months ago adopted guidance focused on the topic. “New York has a strong track record of supporting responsible innovation
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ALBANY — It was a step meant to protect consumers from unfair or unlawful discrimination by insurers using artificial intelligence (AI).
The New York State Department of Financial Services (DFS), a financial regulatory agency, a few months ago adopted guidance focused on the topic.
“New York has a strong track record of supporting responsible innovation while protecting consumers from financial harm,” Adrienne Harris, DFS superintendent, said in the July 11 announcement. “[The] guidance builds on that legacy, ensuring that the implementation of AI in insurance does not perpetuate or amplify systemic biases that have resulted in unlawful or unfair discrimination, while safeguarding the stability of the marketplace.”
The use of external consumer data and information sources (ECDIS) and artificial intelligence systems (AIS) can benefit insurers and consumers by simplifying and expediting insurance underwriting and pricing processes. However, it is important that insurers who use such technologies establish a proper governance and risk-management framework to mitigate the potential harm to consumers, the DFS said.
The guidance outlines DFS’s expectations for how all insurers authorized to write insurance in New York state develop and manage the integration of ECDIS, AIS, and other predictive models.
As outlined in the DFS guidance, insurers are expected to analyze ECDIS and AIS for unfair and unlawful discrimination, as defined in state and federal laws. They’re also expected to demonstrate the actuarial validity of ECDIS and AIS.
In addition, insurers are required to maintain a corporate-governance framework that provides “appropriate oversight” of the insurer’s overall outcome of the use of ECDIS and AIS.
DFS also expects insurers to maintain appropriate transparency, risk management, and internal controls, including over third-party vendors and consumer disclosures.
DFS says it has finalized the guidance after considering the feedback it received from companies it regulates and other key stakeholders, including trade associations, advisory firms, universities, and the broader public.
EBRI issues research findings on 401(k) plan account balances, allocations
Researchers with the Employee Benefit Research Institute (EBRI) on Aug. 27 reported their findings from an analysis of 401(k) plan participants drawn from the EBRI /ICI 401 (k) database. The analysis focused on the 2.1 million consistent participants in the database over the six-year period from year-end 2016 to year-end 2022, per the EBRI Issue
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Researchers with the Employee Benefit Research Institute (EBRI) on Aug. 27 reported their findings from an analysis of 401(k) plan participants drawn from the EBRI /ICI 401 (k) database.
The analysis focused on the 2.1 million consistent participants in the database over the six-year period from year-end 2016 to year-end 2022, per the EBRI Issue Brief. The brief was authored by EBRI’s Sarah Holden, Steven Bass, and Craig Copeland.
ICI is short for Investment Company Institute, which has an office in Washington, D.C., where EBRI is headquartered.
The average 401(k) plan account balance for consistent participants rose each year from year-end 2016 through year-end 2021 before falling in 2022 alongside stock and bond market declines.
Overall, the average account balance increased at a compound annual average growth rate of 13.8 percent from 2016 to 2022, rising from $70,664 to $153,680 at year-end 2022. The median 401(k) plan account balance for consistent participants followed a similar pattern and increased at a compound annual average growth rate of 20.8 percent over the period, to $68,080 at year-end 2022.
Younger 401(k) participants — or those with smaller year-end 2016 balances — had higher percentage growth in account balances compared with older participants, or those with larger year-end 2016 balances.
Three primary factors affect account balances: contributions, investment returns, and withdrawal and loan activity, according to EBRI. The percentage change in average 401(k) plan account balance of participants in their 20s was “heavily influenced” by the relative size of their contributions to their account balances and increased at a compound average growth rate of 48.6 percent per year between year-end 2016 and year-end 2022.
The research found that 401(k) participants tend to concentrate their accounts in equity securities.
The asset allocation of the 2.1 million 401(k) plan participants in the consistent group was “broadly similar” to the asset allocation seen in the annual EBRI/ICI 401(k) database updates. On average, at year-end 2022, about 70 percent of consistent 401(k) participants’ assets were invested in equities — through stock funds, the equity portion of target-date funds, the equity portion of non–target date balanced funds, or company stock.
Younger 401(k) participants not surprisingly tend to have higher concentrations in equities than older 401(k) participants, EBRI’s analysis found.
Consistent 401(k) participants’ exposure to equities was “relatively unchanged” between year-end 2016 and year-end 2022.
At year-end 2016, 92.8 percent of consistent 401(k) plan participants held some equities (equity funds, target-date funds, non–target date balanced funds, or company stock). This was “little changed” at year-end 2022, with 94.8 percent of consistent 401(k) plan participants holding equities.
Consistent 401(k) participants increased their exposure to target-date funds between year-end 2016 and year-end 2022.
At year-end 2016, 55.3 percent of consistent 401(k) participants held at least some target-date fund investments in their 401(k) accounts, and that share increased to 60 percent at year-end 2022. The net movement toward target-date fund use over the period occurred among consistent 401(k) participants in all age groups. Participants in their 20s had the highest use of target-date funds in both periods but had the smallest net change.
Most consistent 401(k) participants who were fully invested in target-date funds at year-end 2016 remained fully invested in target-date funds at year-end 2022.
Among consistent 401(k) plan participants who were fully invested in target-date funds at year-end 2016, nearly 90 percent were fully invested in target-date funds at year-end 2022. This high level of persistence in target-date fund investing was observed across all participant age groups.
Recent grads connect with area job openings through CAI
SYRACUSE — The human-resources manager at American Food & Vending in Salina, calls the Career Apprenticeship Initiative (CAI) “an awesome initiative.” “We hired a graduate last year who is now a full-time employee of ours,” Ian Ballard said in a CenterState CEO announcement. “If it wasn’t for the Initiative, this is an individual who we
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SYRACUSE — The human-resources manager at American Food & Vending in Salina, calls the Career Apprenticeship Initiative (CAI) “an awesome initiative.”
“We hired a graduate last year who is now a full-time employee of ours,” Ian Ballard said in a CenterState CEO announcement. “If it wasn’t for the Initiative, this is an individual who we might have missed had he come through our normal hiring process, and we would have missed a great talent.”
American Food & Vending participated in the previous round of the CAI, CenterState CEO noted.
CAI is a program that connects recent liberal-arts graduates from the area’s higher-education institutions to a one-year apprenticeship with area employers. Under the initiative, employers agree to hire, mentor, and train the student for a year and receive a $5,000 salary reimbursement for doing so. CenterState CEO members that provided entry-level jobs for graduates this year are Crouse Health, LOTTE Biologics, Syracuse Housing Authority, and SUNY Upstate Medical University.
The CAI program in Syracuse was modeled on a similar initiative that has operated successfully in Canada for several years. The Syracuse program was the CAI’s first U.S. pilot.
The Collegian Hotel in Syracuse hosted an Aug. 27 event to acknowledge recent graduates starting new positions with participating employers. Those attending the event included representatives from CenterState CEO; Alan Rottenberg, founder of the Canadian Career Apprenticeship Initiative; Donna Gillespie, CEO of the Kingston Economic Development Corporation (KEDCO); representatives of Syracuse University, SUNY Oswego, and Le Moyne College; as well as area employers and recent college graduates.
“We imagined our youth, upon graduating from university, launching their careers immediately with full time employment — not in unskilled jobs or living in their parents’ basement. Syracuse, like other communities running the apprenticeship program, has made the imagined real,” Rottenberg said in the CenterState CEO announcement.
Besides Rottenberg, the event included remarks from Robert Simpson, president and CEO of CenterState CEO and Kristi Eck, assistant VP for workforce innovation and external relations at SUNY Oswego.
“Our region is on a path to new growth. With Micron and its suppliers soon joining our community, it’s more important than ever to look at creative solutions to attracting and retaining talent in Central New York. This includes exposing those who come from across the globe to attend college in this region to significant employment opportunities here,” Simpson said in the release. “We commend the employers that participated in this pilot program to help meet their talent needs while also providing valuable first-time employment opportunities for recent graduates.”
The program is an outgrowth of the relationship between Central New York and Kingston, Ontario, known as the Kingston-Syracuse Pathway. The partners in the program include CenterState CEO, KEDCO, SUNY Upstate Medical University, the Kingston Health Sciences Center, and Queen’s University.
The pathway started around “common interests,” such as cross-border medical research, and broadened into other areas, such as providing “soft landings” for businesses from either country.
Gillespie, who has run the program successfully in Kingston for several years, brought the idea for the apprenticeship initiative to CenterState CEO. The CenterState CEO Foundation, a nonprofit affiliate of CenterState CEO, oversees the apprenticeship program.
State pension fund posts nearly 1.4 percent return in fiscal quarter
ALBANY — The New York State Common Retirement Fund generated a return of 1.38 percent for the state fiscal first quarter ending June 30, 2024. That’s according to New York State Comptroller Thomas DiNapoli, who also reported that the fund closed the quarter with an estimated value of $267.7 billion, the same value as three
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ALBANY — The New York State Common Retirement Fund generated a return of 1.38 percent for the state fiscal first quarter ending June 30, 2024.
That’s according to New York State Comptroller Thomas DiNapoli, who also reported that the fund closed the quarter with an estimated value of $267.7 billion, the same value as three months earlier.
“Stock market volatility underlines the continued economic uncertainties faced by investors,” DiNapoli said in an Aug. 23 announcement. “Fortunately, our diverse portfolio is built on long-term sustainable investments that can weather such ups and downs and is one of the reasons we are one of the nation’s strongest public pension funds.”
The fund’s value reflects retirement and death benefits of $4.2 billion paid out during the fiscal quarter.
As of June 30, the Common Retirement Fund had 42.32 percent of its assets invested in publicly traded equities. The remaining fund assets by allocation are invested in cash, bonds, and mortgages (22.07 percent), private equity (14.71 percent), real estate and real assets (13.14 percent) and credit, absolute return strategies, and opportunistic alternatives (7.76 percent).
The state pension fund’s long-term expected rate of return is 5.9 percent, according to DiNapoli’s office.
The New York State Common Retirement Fund is one of the largest public pension funds in the U.S. It holds and invests the assets of the New York State and Local Retirement System on behalf of more than 1 million state-government and local-government employees and retirees and their beneficiaries.
Workforce Development Board offers training program for renewable-energy jobs
UTICA, N.Y. — The Workforce Development Board of Herkimer, Oneida, and Madison Counties, Inc., recently announced its new Building Pathways to the Infrastructure Careers grant
Griffiss Institute names VP of intergovernmental affairs
ROME — The Griffiss Institute recently appointed Angela Wright as its new VP of intergovernmental affairs. The organization said this strategic addition to its team is part of its continued efforts to expand the VICEROY Scholars program. “Angela’s proven track record in government relations and advocacy will be invaluable as we strengthen our strategic partnerships
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ROME — The Griffiss Institute recently appointed Angela Wright as its new VP of intergovernmental affairs.
The organization said this strategic addition to its team is part of its continued efforts to expand the VICEROY Scholars program.
“Angela’s proven track record in government relations and advocacy will be invaluable as we strengthen our strategic partnerships and expand the reach of our VICEROY Scholars program,” Heather Hage, president and CEO of the Griffiss Institute, said in an Aug. 28 news release. “Angela will add significant capacity to the existing VICEROY team, supporting the program’s sustainment while maximizing outcomes through the cultivation of champions within our university partners and with key governmental stakeholders.”
Wright brings a “distinguished background in government relations,” having most recently served as associate vice chancellor for government relations at the State University of New York (SUNY). With extensive experience in managing state and federal relations, she has successfully implemented advocacy campaigns, coordinated legislative efforts, and engaged with key stakeholders to promote educational initiatives across SUNY’s 64 campuses, the Griffiss Institute contended. Her expertise in distilling complex information into persuasive messages and her ability to build strong relationships with legislators and community leaders make her “an ideal fit for this role,” it added.
Her career at SUNY includes notable achievements, such as leading advocacy days in Washington, D.C., overseeing federal research priorities, and managing responses to legislative inquiries. Her efforts have significantly impacted higher-education policy and funding, enhancing SUNY’s research porZolio and fostering collaboration across campuses. Additionally, Wright’s work with the Research Foundation for SUNY has established her as “a key player in driving strategic growth and innovation,” the Griffiss Institute said.
Wright holds an associate degree in agricultural science from SUNY Cobleskill and a bachelor’s degree in applied economics and management and a master’s degree in professional studies, both from the College of Agriculture and Life Science at Cornell University.
Utica University names VP for enrollment management
UTICA — Utica University recently appointed W. Eric Sykes as its new VP for enrollment management, following a comprehensive national search. “To land a remarkable thought-leader and practitioner in the enrollment management field such as Eric is a testament to his abilities as well as the opportunities Utica University presents,” Utica University President Todd Pfannestiel
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UTICA — Utica University recently appointed W. Eric Sykes as its new VP for enrollment management, following a comprehensive national search.
“To land a remarkable thought-leader and practitioner in the enrollment management field such as Eric is a testament to his abilities as well as the opportunities Utica University presents,” Utica University President Todd Pfannestiel said in a July 29 news release. “Eric brings a wealth of experience from his previous administrative appointments at Quinnipiac University, Emerson College, Xavier University, and most recently Elmira College.”
Sykes also previously held faculty appointments at Dickinson College and Indiana University Kokomo. He holds a master’s degree in social and personality psychology, with a concentration in psychometrics, from Purdue University, as well as a bachelor’s degree in psychology from Loyola University Chicago.
“I’m excited to join Utica University,” Sykes said. “I believe strongly in the University’s commitment to opportunity, affordability and access and look forward to working with faculty and staff across campus to best communicate the distinctiveness of our programs and recruit highly qualified undergraduate and graduate students to Utica.”
The search committee for the VP for enrollment management was chaired by Utica University Dean of Humanities and Social Sciences Jason Denman, with assistance from the R.H. Perry search firm, according to Pfannestiel.
Before the appointment of Sykes, Jessica Nelson served as interim VP of enrollment management over the past year.
Utica University says it currently enrolls about 2,900 undergraduate students in 40-plus majors and 40-plus minors. It also has about 1,200 graduate students.
Ask Rusty: For Advice on When to Claim Social Security
Dear Rusty: I could use some advice on whether or not I should start collecting my Social Security benefits now. I am 67 years and three months old, and plan to continue working for at least for the next year or two. Signed: Seeking Answers Dear Seeking Answers: Deciding when to claim Social Security is,
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Dear Rusty: I could use some advice on whether or not I should start collecting my Social Security benefits now. I am 67 years and three months old, and plan to continue working for at least for the next year or two.
Signed: Seeking Answers
Dear Seeking Answers: Deciding when to claim Social Security is, indeed, an important decision, as it will affect you for the rest of your life. Mainly, deciding when to claim your SS retirement benefit should consider your financial needs, but your life expectancy and marital status are equally important.
At your current age — past your full retirement age (FRA) of 66 years and six months — you are already earning Delayed Retirement Credits (DRCs) at the rate of a 0.677 percent higher benefit for each month you continue to delay. That adds up to an additional 8 percent benefit for each full year you wait beyond your FRA to claim, and that growth will continue until you are 70 years old. At that point, your benefit will be 28 percent higher than it would have been at your FRA. If you expect to achieve about “average” life expectancy (about 84 for a man your current age), then waiting until 70 to claim will get you both a higher monthly amount and the most you can get in cumulative lifetime benefits. Waiting, however, only makes sense if you expect at least average longevity. If your health is poor and you have reason to believe you won’t live to the “average,” then claiming earlier makes more sense. FYI, you may find this tool helpful to determine your potential life expectancy: https://socialsecurityreport.org/tools/life-expectancy-calculator/.
You can, of course, simply delay claiming for as long as you are still working, and then file for benefits at that time. When your paychecks stop is frequently the best time to start your SS benefits (to supplement the lost work income). And, if you are married and your wife will be entitled to a survivor benefit from you, then waiting longer to claim enhances the benefit your surviving spouse receives at your death (your surviving spouse would get your benefit amount, instead of her own smaller amount). If that is a consideration, then waiting — at least until you stop working (or age 70 if feasible) is often a prudent choice.
So, the choice is yours to make, considering your financial needs, life expectancy, and marital status. You no longer need to worry about Social Security’s annual earnings test (for those collecting benefits before their FRA) but, if it is financially feasible, waiting still longer will mean a higher monthly benefit for the rest of your life.
Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.
Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained, and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.
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