Financial-wellness programs are a valuble employee benefit

Get our email updates

Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Financial wellness can be an overlooked part of overall wellness and is a benefit area employers might not think about adding to their portfolio. However, one area expert says, the benefits can be far reaching. The National Fund for Workforce Solutions defines financial wellness as having control over day-to-day and month-to-month finances, having the ability […]

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

The National Fund for Workforce Solutions defines financial wellness as having control over day-to-day and month-to-month finances, having the ability to absorb a financial shock, being on track to meet financial goals, and having the financial freedom to make choices that allow one to enjoy life.

Somewhere around 90 percent of Americans have indicated in numerous surveys that finances are their number one concern, Chris Manderfield, head of retail banking strategy for KeyBank, says. Of that 90 percent, three-quarters of those Americans don’t know where to go for help with their finances.

“As a result, employers are losing, on average, eight hours a week for every employee that works for them,” Manderfield says.

Fortunately, he adds, there are programs out there that employers can incorporate into their benefit packages to help employees with their financial wellness.

“The value proposition resonates with them,” Manderfield notes.

There isn’t one clear cut reason why finances concern so many people or why they struggle to find help. Rather, it’s a combination of factors, he says.

“There’s a reason 90 percent of consumers are worried,” he says. “That doesn’t happen overnight. There’s a compounding effect.”

It starts education, or the lack thereof, especially at the high school and college levels when young people are having their first financial encounters — first jobs, college loans, and more.

“I think there is a gap in terms of providing educational content,” especially as people progress through stages of life and their financial needs change, Manderfield says.

That lack of education can lead to poor decisions that tax finances. But there is a further compounding factor, he adds. That is shame or embarrassment.

“I think there’s a hesitancy for raising your hand to say I have an issue, and I don’t know how to solve it,” Manderfield says.

Key Bank’s solution is its Key at Work program, a free program employers can add to their benefit package. The program is a mix of digital and in-person assistance employers can utilize how they want, when they want.

A number of other programs are available, and employers can research to determine which one best meets the needs of their employees.

“It’s removing those barriers to getting help,” he says of such programs.

Providing that type of benefit to employees also benefits the employer, he adds. It can help an employer attract and retain employees. It can also boost productivity as employees spend less time worrying about their finances and more time focused on their work.

The National Fund for Workforce Solutions recommends these six steps for starting an employee financial wellness program — understanding your employees’ financial lives, assessing their financial wellness needs, determining the right kind of financial wellness solution for your company, finding and committing to the program, implementing and evaluating the program as a solution, and making any necessary changes based on evaluation and feedback.

Five Star Bank parent company to pay Q2 dividend of 31 cents in early July

Banks & Credit Unions, Insurance & Financial Services, Law, Accounting & Taxes, New York News, Subscriber Only

WARSAW, N.Y. — Financial Institutions, Inc. (NASDAQ: FISI), parent company of Five Star Bank, announced that its board of directors has recently approved a quarterly cash dividend of 31 cents per share of its common stock outstanding. Financial Institutions will pay the second-quarter dividend on July 2, to shareholders of record as of June 13.

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

2025 Cybersecurity Conference Event Supplement

Technology, Subscriber Only

With a staggering 500% increase in cyberattacks over the last five years it’s no longer a question of if you will be attacked but when. Join us for an engaging afternoon where you and your leadership team will gain insights and practical strategies to pro-actively protect your business and be better prepared for an attack.

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

OPINION: Our country needs effective leadership

Opinion, Subscriber Only

I do not remember being as concerned about the quality of our political leadership and the direction our leaders want to take the country as I am today. If you look at the places where we expect strong leadership — the courts, the Congress and, especially, the president — it’s hard not to be disappointed,

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

And our country needs effective leaders. We’ve come through a difficult time. The COVID-19 pandemic caused over 1 million deaths and strained our health-care system. Inflation and inequality have shaken our faith in the economy. We are deeply divided by partisan politics.

Judging by public-opinion research, I’m not alone in my concerns about our leaders. When I was first elected to Congress, in 1964, something like 80 percent of Americans trusted government to do the right thing. Today the numbers have flipped: Only about 20 percent trust government.

Trust in Congress is especially low and has been for decades. But even the Supreme Court, which has often been held in high regard, has seen its reputation slipping. A recent Pew Research Center survey found negative views of the court were higher than positive views for the first time in over 25 years of polling. As for the presidency, Democrats viewed it favorably and Republicans unfavorably when Joe Biden was in office. Now that Donald Trump is president, their views are reversed.

Politics aside, there is plenty of evidence that our public officials aren’t providing the leadership we need. In the Congress, hyper-partisanship and infighting have been the order of the day. Compromise is rare, and fiscal deadlines are met with brinksmanship and threats of a government shutdown. In 1948, President Harry Truman, stymied at getting his programs adopted, railed against a “do-nothing Congress,” but that Congress passed more than 900 bills; the 118th Congress, serving in 2023-24, passed only 150.

The Supreme Court, meanwhile, has reversed its own precedents on abortion, affirmative action, campaign finance, religious freedom, and presidential immunity. Critics see the justices as politicians in robes, not impartial arbiters of the law and the Constitution.

I have concluded that leadership in dealing with our problems is not going to come from the courts or Congress. They simply aren’t structured to provide the scope and range of leadership that we need. That leaves the president; he’s the one who must respond to our expectations.

Unfortunately, Donald Trump hasn’t shown that he is up to the task. We can’t say that Trump hasn’t taken decisive action, but he hasn’t offered the coherent approach that we need. In my view, one of the most important characteristics of a leader is the ability to unite people to attack a problem. Trump seems almost allergic to compromise. I hope he can attain a degree of success; but, so far, there is not much evidence that he will.

I have written previously about the traits that make for effective leaders in government. First, leaders need to act with integrity; the public needs to know that they will do what they say. They need indefatigable energy and drive, but they also need patience and perseverance. They need to be able to put aside partisan differences. They need to be able to listen to contrary opinions and check their ego at the door. Unfortunately, these qualities are lacking.

Ours is a big, complex nation, and it’s difficult to get people to agree about a problem and unite around a solution. But bringing people together is an essential quality of leadership. Our leaders need to consider diverse views, focus on solutions, and bring Americans together rather than dividing us. We need that kind of leadership now as much as ever.

Lee Hamilton, 94, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.

OPINION: Trump Secures Border As Illegal-Alien Encounters Down 94% in First 3 Months

Opinion, Subscriber Only

One Big Beautiful Bill will add $47 billion to border wall Southwest-border encounters once again were at record lows in April at just 12,035, according to the latest data compiled by the U.S. Customs and Border Protection, recording record lows for the third month in a row. Overall, illegal immigration has been reduced from 559,009

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

One Big Beautiful Bill will add $47 billion to border wall

Southwest-border encounters once again were at record lows in April at just 12,035, according to the latest data compiled by the U.S. Customs and Border Protection, recording record lows for the third month in a row.

Overall, illegal immigration has been reduced from 559,009 in the period from February through April 2024 to just 34,762 in 2025 since President Donald Trump took office, a drop of 94 percent. It’s the lowest ever on record in data dating all the way back to 2000.

The swift change came as President Trump declared a national-border emergency on Jan. 20 under the National Emergencies Act, immediately deployed the military to the border, resuming construction of the southern border wall, declaring gangs and drug cartels to be terrorist organizations, and expediting their removal under the Alien Enemy Act and by the Attorney General.

Now, more help is on the way after the passage by the U.S. House of Representatives of President Trump’s signature legislation, the One Big Beautiful Bill Act, by a slim 215-214 vote on May 22.

The vote came two days after President Trump rallied House Republicans in a closed-door meeting to get the bill across the finish line. Trump closed the deal.

One item that probably didn’t hurt was it adds $46.5 billion of critical border wall and other barrier construction funds. When Paul Ryan was House Speaker the American people couldn’t get him to add two bricks to the wall in 2017.

The bill also adds another $4.1 billion to hire more Border Patrol agents, $2 billion for retention and signing bonuses,
$1 billion for more inspection equipment, and $2.7 billion for more surveillance equipment.

The President is always the most powerful when he has Congress’ backing, and so it is with securing the southern border that the enfeebled former President Joe Biden left open on purpose to flood the country with millions of illegal-alien refugees.

According to data compiled by U.S. Border Patrol encounters and the Office of Field Operations inadmissibles by the Office of Immigration Statistics, there were some
10.8 million border encounters all told from January 2021 to November 2024.

Now, the House has done its part to secure the border, with the One Big Beautiful Bill Act headed to the Senate and President Trump hoping to sign the bill into law by July 4. House Speaker Mike Johnson (R–La.), Senate Majority Leader John Thune (R–S.D.) and President Trump all campaigned on securing the border, and soon they’ll be able to show they got it done in Congress. Stay tuned.

Robert Romano is the executive director of Americans for Limited Government, a conservative 501(c)(4) nonprofit organization that says it is dedicated to restoring constitutionally limited government, allowing individuals to pursue life, liberty, and happiness.

VIEWPOINT: Colleges Face Federal Requirement To Contact Students About Loan Debt

Business Mentors, Education & Training, Insurance & Financial Services, Subscriber Only

On May 5, 2025, the U.S. Department of Education (ED) released a “Request for Institutions to Provide Repayment Information to Former Students to Prevent Defaults” (GEN-25-19). Noting that “only 38 percent of Direct Loan and Department-held Federal Family Education Loan Program borrowers are in repayment and current on their student loans,” ED estimates that “almost

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

Although the ED paused its requirement that students make payments on their defaulted federal student loan debt in March 2020 due to the COVID-19 pandemic, ED resumed collection of defaulted student loans on Monday, May 5, 2025, and is asking institutions whose students have incurred federal student-loan debt to contact those students who have student-loan debt, particularly those who are in default. The deadline for making these communications is June 30, 2025.

Communications to Students

ED is tasking institutions with ”providing clear and accurate information about repayment to borrowers through entrance and exit counseling,” and states that colleges and universities are responsible for “disclosing annual tuition and fees and the net price to students and their families on the costs of a postsecondary education.” Conceding that higher-education institutions have provided “direct advice and counsel to students regarding their borrowing,” ED warns that “institutions must refocus and expand these efforts as pandemic flexibilities come to an end.”

The Secretary [of Education Linda McMahon] is directing institutions to provide the following information to all borrowers who have not been enrolled at the institution since Jan. 1, 2020, and for whom they have contact information:

• Remind the borrower that he or she is obligated to repay any federal student loans that have not been repaid and are not in deferment or forbearance;

• Suggest that the borrower review information on StudentAid.gov about repayment options; and,

• Request that borrowers log into StudentAid.gov using their StudentAid.gov username and password to update their profile with current contact information and ensure that their loans are in good standing.

ED requires that institutions include all three of the bulleted information statements above in the institution’s notice to borrowers.

The department expects this outreach be performed no later than June 30, and suggests that institutions “focus their initial outreach on students who are delinquent on one or more of their loans in order to prevent defaults.” A future communication from ED will provide assistance to institutions on how to identify and communicate with those borrowers.

A press release posted on April 21, 2025 stated: “There will not be any mass loan forgiveness.” It also stated that “Later this summer, ED will send required notices beginning administrative wage garnishment” for those borrowers in default.

Impact of Cohort Default Rates (CDR)

ED’s announcement reminds colleges and universities that Section 435 of the Higher Education Act, which governs federal student-aid programs, provides that institutions “will lose eligibility for federal student assistance, including Pell Grants and federal student loans, if their CDR exceeds 40 percent for a single year or 30 percent for three consecutive years.” Because the repayment pause on student loans ended in October 2023, “CDRs published in 2026 will include borrowers who entered repayment in 2023 and defaulted in 2023, 2024 or 2025.” Furthermore, says ED, “those borrowers whose delinquency or default status was reset in September 2024 could enter technical default status / be delinquent on their loans for more than 270 days beginning in June and default this summer.” Therefore, it is in the institutions’ interest to contact former students in order to minimize the college or university’s cohort default rate in order to avoid being barred from the federal student-assistance program.

Publication of an Institution’s Student Loan Default Rate

The May 5 communication reminds institutions that ED has data on the repayment status of each borrower as well as that borrower’s institution(s) attended. The department will calculate non-repayment rates for every college and university that participates in the federal student aid program and will publish this information later in May on the Federal Student Aid Data Center website.

ED has promised to announce further requirements and information for institutions participating in the federal student-assistance program. Bond will provide updates as this additional information is released by ED.

Barbara A. Lee is of counsel in the New York City office of Syracuse–based law firm Bond, Schoeneck & King PLLC. Lee provides higher-education clients with legal counsel in all aspects of education law, including academic and student affairs, faculty tenure and promotion, diversity hiring initiatives, governance issues and sexual harassment issues. Contact her at blee@bsk.com. This article is drawn from Bond’s website.

Ask Rusty: How do I apply for Social Security?

Business Mentors, Insurance & Financial Services, Subscriber Only

Dear Rusty: I just turned 65 years old in February 2025. I need to sign up for Social Security but don’t even know where to start. Signed: Seeking Assistance Dear Seeking Assistance: It’s fairly easy to sign up for your Social Security (SS) benefits, by either calling the Social Security Administration (SSA) at (800) 772-1213

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

Dear Rusty: I just turned 65 years old in February 2025. I need to sign up for Social Security but don’t even know where to start.

Signed: Seeking Assistance

Dear Seeking Assistance: It’s fairly easy to sign up for your Social Security (SS) benefits, by either calling the Social Security Administration (SSA) at (800) 772-1213 or your local SS office, to make a telephone appointment to apply, or by completing your application for Social Security benefits online at www.ssa.gov/apply. However, to apply for benefits online you will need to first create your personal “my Social Security” account at www.ssa.gov/myaccount. Once you have your personal account set up, you can apply directly from that account and also see an estimate of your SS benefits at different ages.

You may already be aware that age 65 is not your Social Security full retirement age (FRA). Your FRA is when you receive 100 percent of the benefit you have earned from a lifetime of working. By taking benefits at age 65, your monthly amount will be reduced (to about 87 percent of your FRA amount; a permanent reduction). Born in 1960, your FRA is age 67, which means you will be taking your SS benefit about two years early and also means that — if you are still working – you will be subject to Social Security’s Annual Earnings Test (AET). The AET limits how much you can earn before some of your benefits are taken away. For 2025, the annual earnings limit is $23,400 and, if that is exceeded, the SSA will take back $1 in benefits for every $2 you are over the limit (it takes benefits back by withholding future payments long enough to recover what you owe).

So, you can apply for your Social Security benefits, as indicated above, either online or by calling the SSA for an appointment. Just be aware that by applying at age 65 your benefit will be permanently reduced, and you will be subject to Social Security’s earnings limit (the earnings limit lasts until you reach your FRA, after which you can earn as much as you like without penalty).

Also, because you are 65, if you wish to enroll in Medicare, please be aware that you don’t need to take your Social Security benefits to enroll in Medicare. You can enroll in Medicare (only) by calling the SSA as explained above or enrolling in Medicare online. Here is a link that explains how to enroll in only Medicare: https://www.ssa.gov/medicare/sign-up.

I hope this information is helpful, and please know that the AMAC Foundation is always available to answer your questions. If it’s easier, you can also speak directly to one of our certified Social Security advisors by calling us during normal business hours at (888) 750-2622. We cannot submit your SS application for you, but we can answer all questions you have about applying.

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.

CNY region jobless rates fall in April from a year ago

Subscriber Only, Employee Benefits & Human Resources, Mohawk Valley, New York News, North Country, Small Business, Southern Tier

The unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions were all lower in April compared to April 2024, pointing to a strong job market. The figures are part of the latest New York State Department of Labor (NYSDOL) data released on May 20. Regional unemployment rates The jobless rate in

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

The unemployment rates in the Syracuse, Utica–Rome, Watertown–Fort Drum, Binghamton, Ithaca, and Elmira regions were all lower in April compared to April 2024, pointing to a strong job market.

The figures are part of the latest New York State Department of Labor (NYSDOL) data released on May 20.

Regional unemployment rates

The jobless rate in the Syracuse area was 3.0 percent this April, down from 3.4 percent in April 2024.

Around the region, the Utica–Rome region’s unemployment rate fell to 3.3 percent from 3.7 percent; the Watertown–Fort Drum area’s number dipped to 3.8 percent from 4.4 percent; the Binghamton region’s rate declined to 3.3 percent from 3.5 percent; the Ithaca area’s jobless number fell to 2.6 percent from 2.8 percent; and the Elmira region’s unemployment rate went down to 3.2 percent in April from 3.5 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.

State unemployment rate

New York state’s seasonally adjusted unemployment rate held steady at 4.2 percent in April, compared to March, according to preliminary figures that the NYSDOL released.

At the same time, New York State’s labor force (seasonally adjusted) increased by 14,600. The statewide labor-force participation rate edged up from 60.9 percent in March to 61.0 percent in April 2025.

New York’s 4.2 percent unemployment rate was equal to the U.S. unemployment rate of 4.2 percent in April.

The April statewide unemployment figure of 4.2 percent was also unchanged from a year ago, according to department figures.

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.

Oneida County hotel occupancy rises more than 3 percent in April

Sports, Entertainment & Tourism, Construction, Design & Real Estate, Mohawk Valley, New York News, Small Business

UTICA, N.Y. — Oneida County hotels posted an increase in overnight guests in April, as two other key indicators of business performance declined. The hotel-occupancy

Herkimer College graduates 13 from police training course

Education & Training, Employee Benefits & Human Resources, Law, Accounting & Taxes, Mohawk Valley, New York News, Nonprofits, Subscriber Only

HERKIMER, N.Y. — Herkimer College graduated 13 cadets in its seventh class from the Phase I Pre-Employment Police Basic Training course at a ceremony on May 29. “Thirteen cadets have completed this program successfully and will be serving nine different law-enforcement agencies across central New York,” Herkimer College Officer-In-Charge Nick Laino said in an announcement.

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

Get our email updates

Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Get our email updates

What's New

Upcoming Events

Greater Binghamton Chamber of Commerce Connect Over Lunch

Estate Planning Essentials Webinar

Tompkins Chamber 2025 Annual Celebration & Award Ceremony

CNYBJ Job Board

Get Instant Access to This Article

Get Instant Access to This Article

Get Instant Access to This Article

Read this year’s Event Supplement HERE >

Get Instant Access to This Article

Get Instant Access to This Article

One Big Beautiful Bill will add $47 billion to border wall

Get Instant Access to This Article

Communications to Students

Impact of Cohort Default Rates (CDR)

Publication of an Institution’s Student Loan Default Rate

Get Instant Access to This Article

Get Instant Access to This Article

Regional unemployment rates

State unemployment rate

Get Instant Access to This Article

Get our email updates