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CNY ATD announces CNY BEST nominees
SYRACUSE — The CNY ATD has announced nominees for the 9th Annual CNY BEST Learning and Performance Awards. The organization annually presents these awards to recognize excellence in learning and performance in the Central New York region. The awards put the spotlight on organizations that link learning to the strategic growth or success of organizations […]
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SYRACUSE — The CNY ATD has announced nominees for the 9th Annual CNY BEST Learning and Performance Awards.
The organization annually presents these awards to recognize excellence in learning and performance in the Central New York region. The awards put the spotlight on organizations that link learning to the strategic growth or success of organizations and individuals, the CNY ATD said in a news release.
Nominations for this year’s CNY BEST Learning and Performance Awards represent a wide-range of businesses and nonprofits, the organization said. A panel of local and national judges representing the profession and community will be evaluating the nominations for quality of learning and performance practices, practice results and impacts, and demonstrations of how the practices linked to the strategic growth or success of the organization and individuals.
The CNY BEST Learning and Performance nominees include the following.
For-profit organizations
CXtec, The Hartford, Saab Sensis Corporation, Suburban Propane, and The Lodge at Turning Stone Resort Casino
Not-for-profit organizations
CenterState CEO, Elmcrest Children’s Center, Fayetteville Manlius Crewsters, Hillside Work-Scholarship Connection, Mohawk Valley Community College, and Visions for Change, Inc.
The winners will be announced at the CNY BEST Learning and Performance Awards ceremony to be held on Thursday, June 16, at 5 p.m. at the DoubleTree by Hilton Syracuse, near Carrier Circle. Those interested in registering or getting more information on the awards ceremony, can visit www.cnyastd.org, email: info@cnyastd.org, or call (315) 546-2783.
Contact The Business Journal News Network at news@cnybj.com
BALDWINSVILLE — Attorney Rebecca M. Speno has opened her own law office at 136 E. Genesee St., Suite 2, in the village of Baldwinsville. Speno was previously an attorney at Bond, Schoeneck & King, PLLC in Syracuse. She tells CNYBJ that she decided to start her own law firm primarily because “in my field of
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BALDWINSVILLE — Attorney Rebecca M. Speno has opened her own law office at 136 E. Genesee St., Suite 2, in the village of Baldwinsville.
Speno was previously an attorney at Bond, Schoeneck & King, PLLC in Syracuse.
She tells CNYBJ that she decided to start her own law firm primarily because “in my field of law — real property tax assessment litigation — conflicts of interest can be a problem if a firm or solo [attorney] represents both sides of the “v” — taxpayers/property owners and municipalities.”
She continues, “Bond has a robust school and municipal practice, and its labor department had a significant amount of municipal clients. So while I was able to do assessment work for many municipal entities, I was not able to grow a practice of my own handling exclusively property tax valuation and exemption issues.”
So, Speno will focus her solo practice on her area of expertise as a real property tax assessment litigator. The services she will offer include initial property valuation analyses, property tax exemption application filings, grievance preparation filings, PILOT agreement negotiations, and litigation regarding property tax assessment exemptions and the correction of errors, according to her website (www.rmspenolaw.com).
Speno holds a bachelor’s degree from Hobart & William Smith Colleges and her law degree from Syracuse University College of Law.
The Law Office of Rebecca M. Speno, Esq., the formal name of her practice, operates in 400 square feet of space that she leases.
Contact Carbonaro at mcarbonaro@cnybj.com
EBRI: New hires continue to favor target-date funds for 401(k)s
Interest in target-date and other types of balanced funds remained “strong” through 2014, with younger plan participants more likely to hold target-date funds than older participants. That’s according to a new joint study that the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) — both based in Washington, D.C. — released April
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Interest in target-date and other types of balanced funds remained “strong” through 2014, with younger plan participants more likely to hold target-date funds than older participants.
That’s according to a new joint study that the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) — both based in Washington, D.C. — released April 28.
Target-date funds, also known as lifecycle funds, are designed to offer a diversified portfolio that automatically rebalances to be more focused on income over time.
In 2014, 60 percent of 401(k) participants in their 20s held target-date funds, compared with 41 percent of 401(k) participants in their 60s.
The study, entitled “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014,” also found that recently hired participants — those with two or fewer years of tenure — used target-date funds. The results show that 59 percent of recently hired 401(k) participants held target-date funds, compared with 48 percent of 401(k) plan participants overall.
“Target-date funds are a popular, convenient investment choice for savers looking for professional asset allocation, portfolio diversification, and automatic rebalancing over time,” Sarah Holden, ICI senior director of retirement and investor research, said in a news release. “More than 70 percent of 401(k) plans included target-date funds in their investment lineup in 2014, and recently hired workers, in particular, often invest in these diversified funds.”
Among participants who were offered target-date funds, 65 percent opted to buy them, according to the release.
Equities dominate
The study found about two-thirds of 401(k) assets continue to be invested in stocks through equity-only funds, the equity portion of balanced funds, and individual company stock in 2014.
An additional 27 percent of 401(k) assets were in fixed-income securities such as stable-value investments, bond funds, and money market funds.
“The bulk of 401(k) assets continued to be invested in equities at year-end 2014,” Jack VanDerhei, EBRI research director, said in the release. “This is driven in part by younger plan participants, who have higher concentrations in equities. Participants in their 60s remain focused on growth as well, however, allocating 56 percent of 401(k) plan assets to equity investments.”
In 2014, 8 percent of 401(k) plan participants in their 20s had no equities, while three-quarters of those younger plan participants had more than 80 percent of their account balances invested in equities.
In comparison, 12 percent of 401(k) plan participants in their 60s had no equities, while only 22 percent of them had more than 80 percent of their account balances invested in equities.
Other findings
The study also found 401(k) participants’ investment in company stock continued at “historically low” levels. Only 7 percent of 401(k) assets were invested in company stock in 2014.
This share has fallen 63 percent since 1999, when company stock accounted for 19 percent of assets.
In addition, 401(k) participants were “slightly less likely” to have loans outstanding at year-end 2014 compared with year-end 2013.
At the end of 2014, 20 percent of all 401(k) participants who were eligible for loans had loans outstanding against their 401(k) accounts, down from 21 percent at the end of 2013.
The study found that the average 401(k) account balance tends to increase with participant age and tenure.
For example, in 2014, participants in their 30s, with more than two years and up to five years of tenure, had an average 401(k) balance of close to $25,000.
At the same time, participants in their 60s with more than 30 years of tenure had an average 401(k) account balance of nearly $275,000.
The study is based on the EBRI/ICI database of employer-sponsored 401(k) plans, the largest database of its kind, compiled through a collaborative research project undertaken by the two organizations since 1996.
The 2014 EBRI/ICI database includes statistical information on 24.9 million 401(k) plan participants in 81,139 plans, which hold $1.9 trillion in assets and cover 45 percent of the universe of 401(k) participants.
Contact Reinhardt at ereinhardt@cnybj.com
Study: 60 percent of millennial college grads expect to still face student loans into their 40s
A new study from Citizens Bank, called “Millennial Graduates in debt,” shows that most recent college graduates with student loans underestimated their monthly payments and now expect to still be paying off their loans into their 40s. The research indicated that college grads age 35 and under with student loans now are spending nearly one-fifth
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A new study from Citizens Bank, called “Millennial Graduates in debt,” shows that most recent college graduates with student loans underestimated their monthly payments and now expect to still be paying off their loans into their 40s.
The research indicated that college grads age 35 and under with student loans now are spending nearly one-fifth (18 percent) of their current salaries on student-loan payments and that 60 percent now expect to be still facing payments after the age of 40.
At the same time, fewer than 50 percent have looked into refinancing options to lower their monthly payments, consolidate their private and federal loans, or otherwise improve the terms of their loans, according to the Millennial Graduates in Debt survey.
According to The College Board, the cost of college has increased 13 percent for public four-year colleges, and 11 percent for private, nonprofit four-year colleges, in the last five years. To help pay for college, more than three-quarters of respondents (77 percent) in the new Citizens’ survey indicated they had received federal loans. One-third of respondents said they had taken out private student loans, which typically are smaller, and in most cases, require a credit-qualified co-signer.
“The long-term cost of college continues to be a major challenge for Millennials, even after they have established themselves in the workforce and significantly improved their credit from where they were when they started school,” said Brendan Coughlin, president of consumer lending at Citizens Bank. “As this generation of college graduates starts to contemplate future life events like home purchases and retirement, it becomes increasingly important for them to take control of their college debt, whether it’s through refinancing or other tactics that can help them limit its impact on their overall financial health.”
Citizens’ Millennial Graduates in Debt survey found that graduates with student loans grappled with the following trade-offs required to make their student-loan payments every month:
In light of this, some millennials now express buyer’s remorse regarding their college investment, with 57 percent saying they regret taking out as many student loans as they did. More than one-third (36 percent) of millennial graduates with student loans said they would not have gone to college if they had known how much it was going to cost them.
“Unfortunately, the long-term cost of college is leading some graduates to question the value of their investment — in many cases, before they have fully explored their opportunities to significantly reduce their payments,” Coughlin said.
Citizens Bank conducted a survey of 501 U.S. millennials (ages 18-35) who are college graduates (2-year, 4-year, postgraduate, or professional degree) and currently have student loans. The custom survey was conducted online for Citizens by TNS from Feb. 10-22.
Contact The Business Journal News Network at news@cnybj.com

Cayuga Centers combines HR, IT, and finance under new chief fiscal offer position
AUBURN — Cayuga Centers president and CEO Edward Myers Hayes recently announced he has restructured the agency’s executive team, promoting Elizabeth Palin to the new post of chief fiscal officer. Palin will oversee the integration of the finance, IT, and HR departments at Cayuga Centers. “This new position brings together agency-wide aspects of operations —
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AUBURN — Cayuga Centers president and CEO Edward Myers Hayes recently announced he has restructured the agency’s executive team, promoting Elizabeth Palin to the new post of chief fiscal officer.
Palin will oversee the integration of the finance, IT, and HR departments at Cayuga Centers.
“This new position brings together agency-wide aspects of operations — encompassing finance, IT, and HR. Ms. Palin’s strong work has raised our fiscal operations to a higher level of functioning and I look forward to her continuing to develop this and our other core services of human resources and information technology as we grow our programs and our agency,” Hayes said in a news release.
He explained that the nonprofit has grown its programs from a limited program agency serving only Cayuga County with a $2 million budget to a multi-service provider that runs programs throughout Central New York, the New York City area, Florida, and Delaware. So, it needs “to enhance [the] structure and organization” of its agency-wide management functions to better support staff members across the agency and its future growth, he added.
Palin joined Cayuga Centers as chief financial officer in 2012. She came from another unnamed nonprofit, where she served as director of finance, according to the release. Palin received her bachelor’s degree in accounting from SUNY Institute of Technology, and after college worked in public accounting, obtaining her CPA designation.
The Auburn–based nonprofit says it offers a variety of evidence-based programs, residential and foster care treatment, and services for persons with developmental disabilities. Cayuga Centers employs more than 500 people and has a $50 million budget.
Contact The Business Journal News Network at news@cnybj.com
Cybersecurity & Employee Benefit-Plan Fiduciary Duties: Going Beyond HIPAA
It seems as though we hear about new cybersecurity issues every day — from traditional hacking incidents to the increasingly sophisticated phishing, malicious apps and websites, social engineering, and ransomware attacks. Employee-benefit plan sponsors likely have a fiduciary duty to ensure participant information and plan assets are protected from the growing number of cyber threats
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It seems as though we hear about new cybersecurity issues every day — from traditional hacking incidents to the increasingly sophisticated phishing, malicious apps and websites, social engineering, and ransomware attacks. Employee-benefit plan sponsors likely have a fiduciary duty to ensure participant information and plan assets are protected from the growing number of cyber threats (to the extent possible, given the ever-changing cybersecurity landscape), and, perhaps more importantly, that there is a plan in place to respond to a data breach and mitigate any associated damages.
For many years now, health-plan sponsors have been subject to a variety of privacy and security rules under the Health Insurance Portability and Accountability Act of 1996, as amended (HIPAA). Health-plan sponsors are (among other things) required to enter into contracts with third-party administrators (TPAs) and other service providers called “business associate agreements” that spell out the parties’ obligations under HIPAA in connection with the plan’s HIPAA-protected information (PHI.)
Notwithstanding HIPAA’s broad scope, it is important to note that HIPAA only establishes the floor (i.e., the bare minimum requirements) regarding privacy and security of PHI. Health-plan sponsors also should consider including references to state data-breach notification laws and cyber-liability insurance in business-associate agreements (or related services agreements) in addition to the HIPAA minimums.
Although HIPAA does not extend to retirement plans, and retirement-plan sponsors are not required to enter into specific agreements with TPAs governing the privacy and security of participants’ personally identifiable information (PII), ERISA’s fiduciary duties nonetheless likely apply. Although the Department of Labor has yet to weigh in on fiduciary duties raised by cybersecurity issues, retirement-plan sponsors should consider including both “HIPAA-like” and expanded cybersecurity provisions in contracts with TPAs that govern the privacy and security of participants’ PII and plan assets.
Examples include, but are not limited to, provisions that: (1) address the TPA’s data-security policies and procedures; (2) restrict the use of and access to PII; (3) explain the TPA’s obligations in the event of a data breach or security incident (i.e., investigation, notification of the plan sponsor and participants, mitigation, remediation, etc.); (4) specify liability for cybersecurity incidents, including the requirement to maintain adequate cyber-liability insurance; and (5) provide for the ability to terminate the applicable services agreement, without additional or early termination fees, in the event of a data breach or other security incident, at the discretion of the plan sponsor.
Finally, in recognition of the fact that participant information also needs to be protected while in the hands of the plan sponsors (including from their employees as well as external cyber threats), plan sponsors should include any plan-related HIPAA-protected information or participants’ personally identifiable information in their organizational cybersecurity efforts.
Lisa Christensen is senior counsel at Syracuse–based Bond Schoeneck & King, PLLC. Her practice includes handling legal matters in health and welfare benefit-plan administration, retirement and executive compensation, and the employee-benefit plan implications of mergers and acquisitions. This viewpoint article is drawn from the firm’s New York Labor & Employment Law Report blog. Contact Christensen at lchristensen@bsk.com or call (315) 218-8279.
START-UP NY program stalls on reporting results
On April 1, the state faced a deadline to release a report enumerating the results of the START-UP NY program, [which sets up tax-free areas for businesses associated with colleges and universities]. But no such report has been released, which is not surprising considering the abysmal track record this governor has demonstrated with transparency and
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On April 1, the state faced a deadline to release a report enumerating the results of the START-UP NY program, [which sets up tax-free areas for businesses associated with colleges and universities]. But no such report has been released, which is not surprising considering the abysmal track record this governor has demonstrated with transparency and information sharing. A 2015 report by Comptroller Tom DiNapoli showed an underwhelming 76 jobs were created as a result of the governor’s signature economic-development proposal, despite millions of taxpayer dollars spent in advertisements to promote the program.
Frankly, a plan that is so narrowly targeted was never going to raise New York from its place as a national model for high taxes and onerous regulations. To attract businesses to the state, we have to do more than making a handful of college campuses attractive places in which to operate a business. We have to make the entire state appealing to new and existing businesses.
Unless the 2016 report, which is still inexcusably a secret, shows drastic and substantial improvement (and I sincerely hope that it does), it’s time to re-think the START-UP gimmick and put a greater emphasis on reforms that will truly make the Empire State a desirable business environment.
Small businesses need more than a ceremonial panel
The newly enacted budget will do little to help small businesses overcome New York’s terrible business climate. For small-business owners, things just went from bad to worse. A ludicrous $15 per hour minimum wage and a new paid family-leave program represent two crushing mandates that will force job-creators to cut staff or raise prices.
Time and again, New York is ranked as one of the worst business climates, yet broad tax cuts and deregulation, which have a proven record of success for boosting economic activity, are nowhere to be found. Each year the story is the same — businesses are fleeing for greener pastures. We are well past the time for gimmicks.
My Small Business Full Employment Act (A.5898-A) addresses many of the challenges faced by businesses by lowering taxes, curtailing regulatory burdens, incentivizing job creation, and lessening the effects of New York’s longstanding “Tax-Fine-Harass” mentality. This legislation will facilitate real, sustained improvements to our toxic economic climate, and represents a commitment that the business community deserves.
In typical Albany fashion, the governor and leaders of the Senate and Assembly empaneled a “Business Regulation Council” to look at the cost of doing business in New York. As if a ceremonial panel will calm the anger and anxiety of business owners, farmers, and nonprofits that were left to navigate through the most anti-business state budget I’ve seen in 15 years as an Assembly member.
The state legislature is coming down the home stretch of the 2016 session. It is imperative that over the coming months we provide the necessary relief that small businesses deserve. It’s going to take more than a toothless panel. It needs to be more comprehensive than economic-development gimmicks that don’t apply to 99 percent of New York’s businesses. It needs to be more sustainable than competitive grant programs where purse strings are controlled by a single elected official.
If nothing else, the “Business Regulation Council” is an admission that our economic climate is abysmal and that dramatic change is sorely needed. Like the START-UP NY program, New Yorkers have waited long enough to see results.
Brian M. Kolb (R,I,C–Canandaigua) is the New York Assembly Minority Leader and represents the 131st Assembly District, which encompasses all of Ontario County and parts of Seneca County. Contact him at kolbb@assembly.state.ny.us
**PULL QUOTE: We have to make the entire state appealing to new and existing businesses.
It’s Getting Harder to Govern, And It’s Not Just Politicians’ Fault
We may not know who our next President of the United States is going to be, but here’s one thing that’s almost certain: he or she will take office with roughly half of the electorate unhappy and mistrustful. What happened to the notion that the U.S. President speaks for a broad coalition of Americans who
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We may not know who our next President of the United States is going to be, but here’s one thing that’s almost certain: he or she will take office with roughly half of the electorate unhappy and mistrustful. What happened to the notion that the U.S. President speaks for a broad coalition of Americans who are willing to set aside their differences on behalf of a compelling new vision for the country? It has vanished.
I’ve spent a lot of time pondering where it went, and though I still haven’t found an answer, I do know this: it’s not only Washington’s — or even the political class’s — fault.
Let’s start with a lament I hear frequently about this year’s crop of presidential candidates: “Is this the best we can do?” I used to believe that the popular argument that the best among us do not seek political office was wrong — that there were plenty of standout Americans who went into politics. And there are. But there are also a lot of talented people — the kind who could lead us beyond our tired political discourse — who take a look at politics and turn the other way these days.
I’ve known a lot of very good people in politics, who were motivated by a true interest in improving the country and saw politics as a competition of ideas, not a mean-spirited clash of ideologies. I see less of this today. Many politicians seem genuinely not to like one another. They see a victory by the other party as a threat to the well-being of the nation.
This is a departure from the past, and it’s not a healthy one. There was a time when the parties and other organizations that brought disparate voters together — charitable institutions, unions — helped build a unity of effort in the government. But groups like that are weaker now.
That is a shame in a year like this, when voters are angry, distrustful, and worried by economic insecurity. They don’t have much appetite for the substance and complexity of policy, seem to relish the clashes that this year’s campaigning has produced, and are uninterested in talk of finding common ground.
It’s a campaign year, of course, so a certain amount of this is to be expected. But if the voters’ surly mood and mistrust carry over after November, it’s going to be very hard for the next president — and politicians in general — to govern effectively.
Lee Hamilton is director of the Center on Congress (www.centeroncongress.org) at Indiana University (IU), distinguished scholar at the IU School of Global and International Studies, and professor of practice at the IU School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years, representing a district in south central Indiana.

Chemung Canal Trust CEO Bentley to retire at year’s-end, COO Tomson to succeed him
ELMIRA, N.Y. — Ronald Bentley, CEO of Chemung Canal Trust Company and Chemung Financial Corp. (NASDAQ: CHMG), plans to retire on Dec. 31. Upon his

LeChase Construction to acquire Lendlease offices in Syracuse and North Carolina
LeChase Construction Services, LLC of Rochester will acquire “select construction-business assets” from Lendlease Americas Inc. in both Syracuse and the Raleigh–Durham area of North Carolina.
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