New CEO of St. Joseph’s Health /SPHP begins duties

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SYRACUSE — He had been serving as COO for the merged entity of St. Joseph’s Health of Syracuse and St. Peter’s Health Partners (SPHP) of Albany since last June. With the start of 2023, Dr. Steven Hanks became president and CEO of the regional health organization. Both St. Joseph’s Health and SPHP are part of […]

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SYRACUSE — He had been serving as COO for the merged entity of St. Joseph’s Health of Syracuse and St. Peter’s Health Partners (SPHP) of Albany since last June.

With the start of 2023, Dr. Steven Hanks became president and CEO of the regional health organization.

Both St. Joseph’s Health and SPHP are part of Livonia, Michigan–based Trinity Health. It was in late June of last year that Trinity Health announced that the entities were merging operations to deal with the financial impacts of the coronavirus pandemic.

“The past few weeks have been a whirlwind, but the incredible team of nearly 15,000 colleagues in Albany and Syracuse have been steadfast in their support as we embrace this new era for St. Joseph’s Health and St. Peter’s Health Partners,” Dr. Hanks said in the Feb. 8 announcement. “I am honored to serve as the President and CEO of this comprehensive, regional health system that is so widely known for its high-quality facilities, programs, and services, and for our ability to deliver the compassionate care our communities deserve.”

Dr. Hanks succeeds Leslie Luke as the top official at St. Joseph’s Health. As part of the restructuring effort, Luke was set to voluntarily leave the organization after a transition period, per a Trinity Health memo that CNYBJ obtained back in June.

St. Joseph’s Health tells CNYBJ that Luke is no longer with the organization. He had been the president and CEO of St. Joseph’s Health since 2017.

After a year of planning, Dr. Hanks assumed the CEO role following the retirement of Dr. James Reed at the end of 2022. Dr. Reed served for more than a decade in executive leadership at St. Peter’s.

Hanks joined SPHP in 2016 as VP and chief medical officer of Acute Care Albany, “taking on increasingly more demanding leadership roles.” He served as SPHP’s chief clinical officer beginning in 2018 and added the COO title for SPHP in October 2021.

In 2022, he served for five months as interim president and CEO while Dr. Reed was on a medical leave of absence and, during that time, was a principal architect of the plan to bring Trinity Health’s ministries in Albany and Syracuse together.

St. Joseph’s Health describes Hanks as an “experienced” physician executive with 30 years of progressive responsibility in a variety of health-care organizations.

Before coming to SPHP, he spent time at the Cerner Corporation, a global health care information-technology company in Kansas City, Missouri.

Prior to that, Hanks worked for more than a decade at Hartford HealthCare in Connecticut. During his tenure in Hartford, Hanks also held the position of assistant dean for graduate medical education at the University of Connecticut.

Hanks holds a bachelor’s degree in neurosciences from the University of Rochester, where he also received his medical degree with Distinction in Research. He completed his internship and residency in internal medicine at the University of Rochester’s Strong Memorial Hospital.

Hanks lives in Latham, near Albany. He is splitting his time between Albany and Syracuse as the new regional leader of both organizations, per the announcement.

NBT Bank to move CNY regional HQ to The Post later this year

Banks & Credit Unions, Construction, Design & Real Estate, Employee Benefits & Human Resources, Insurance & Financial Services, Regional News, Subscriber Only

SYRACUSE, N.Y. — NBT Bank says it is planning to move its Central New York regional headquarters to The Post building later this year. The Post is the rebranded name of the building that was formerly home to The Post-Standard newspaper, which VIP Development Associates, the development arm of VIP Structures, is renovating into its

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SYRACUSE, N.Y. — NBT Bank says it is planning to move its Central New York regional headquarters to The Post building later this year.

The Post is the rebranded name of the building that was formerly home to The Post-Standard newspaper, which VIP Development Associates, the development arm of VIP Structures, is renovating into its new headquarters in downtown Syracuse across from Clinton Square. The building will also provide space for other businesses. ChaseDesign, a design and business-consulting firm, has already opened an office as a tenant in The Post.

Norwich–based NBT Bank has had its CNY regional headquarters, which it calls its Syracuse Financial Center, in the Equitable Tower II (previously called AXA Tower) at 120 Madison St. for almost 20 years. Its lease was coming to an end so the bank assessed its options and landed on The Post for a couple of reasons. The first was proximity.

“We do have a branch directly across the street from The Post over at 100 Clinton Square. One of my primary goals was to get in closer proximity to that branch to make it more convenient for our customers to business with us,” David Kavney, Central New York and Mohawk Valley regional president at NBT Bank, tells CNYBJ.

NBT’s regional office includes a commercial lending team, wealth management staff, and insurance representatives. “It’ll make that interaction between our departments and our branch team much easier when it’s directly across the street,” Kavney notes. For example, a commercial-lending client who also wants to open a checking or other account with the bank will be able to do so more easily with the branch nearby.

Secondly, the layout of the new space will cater to the shift in working environment the bank has seen of late.

“The second reason is that over the past couple of years, we’ve seen a shift in our workforce. We’ve embraced the hybrid work model. We definitely feel we work better in closer proximity — better together, if you will,” Kavney says. “The new space is wide open. It’s going to allow for some hybrid work areas, offices, and workstations for those who want the flexibility. And we’ve got some great gathering space. We’ll have a spot for us to get together and collaborate in a little better fashion than we are right now.”

NBT’s Syracuse Financial Center employs about 30-35 people total, including those who work from home. “That number should remain fairly constant as we transition over to The Post,” says Kavney.

The working space at NBT’s new office will be about the same size as the bank had in the Equitable Tower but with a different, more open layout.

NBT Bank is working with VIP on the buildout and is on track to move into its new leased office at The Post in the third quarter of this year, a bank spokesperson tells CNYBJ.

NUAIR’s Stewart reelected president of the Commercial Drone Alliance

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Ken Stewart, president and CEO of NUAIR, will also continue serving as president of the nonprofit Commercial Drone Alliance (CDA). NUAIR (Northeast UAS Airspace Integration Research Alliance Inc.) is a Syracuse–based nonprofit that provides expertise in uncrewed-aircraft systems (UAS). NUAIR manages New York’s 50-mile UAS corridor between Syracuse and Griffiss International Airport in Rome. A UAS

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Four CNY localities to prep projects for DRI, NY Forward

Construction, Design & Real Estate, New York News, Nonprofits, Regional News, Small Business, Sports, Entertainment & Tourism, Subscriber Only

HOMER, N.Y. — The Village of Homer in Cortland County, Village of Moravia in Cayuga County, Village of Phoenix in Oswego County, and Village of Hamilton in Madison County are preparing to organize plans for spending state funding to improve their communities. New York State has awarded Homer $10 million as the Central New York

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New York State has awarded Homer $10 million as the Central New York winner of the sixth round of the Downtown Revitalization Initiative (DRI).

At the same time, the state announced funding for Phoenix, Moravia, and Hamilton as the Central New York region winners in the first round of the NY Forward program.

The Village of Phoenix receives $4.5 million, and the villages of Moravia and Hamilton each get $2.25 million, the office of Gov. Kathy Hochul said in an announcement.

New York Secretary of State Robert Rodriguez announced the funding awards during a Feb. 14 appearance at the Center for the Arts in the village of Homer.

Building on the DRI, the $100 million NY Forward program adopts the same “Plan-then-Act” strategy as the DRI to “support a more equitable downtown recovery” for New York’s smaller and rural communities, Hochul’s office said. As part of NY Forward’s first round, the state will announce two to three awards for smaller communities in each of the state’s 10 economic-development regions to support development and implementation of a revitalization plan for their downtowns.

Each NY Forward community will develop a strategic investment plan to “revitalize” its downtown through a “slate of readily implementable projects.” Projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that elevate specific cultural, historical qualities that enhance the feeling of small-town charm.

Homer DRI award

Homer has been awarded $10 million in state funding and investments to revitalize its downtown neighborhood and generate new opportunities for long-term growth following the local planning process, Hochul’s office said. Homer joins the cities of Oswego, Cortland, Auburn, Fulton, Oneida and Syracuse, which were Central New York’s winners in the first five DRI rounds.

Homer will begin the process of developing a strategic investment plan to revitalize its downtown with up to $300,000 in planning funds from the $10 million DRI grant. A local planning committee made up of municipal representatives, community leaders, and other stakeholders will lead the effort, supported by a team of private-sector experts and state planners.

The plan will guide the investment of DRI grant funds in revitalization projects that will advance the community’s vision for its downtown and that can leverage and expand upon the state’s $10 million investment, Hochul’s office said.

“This funding will ensure our beautiful, friendly, historic village remains prosperous and accessible for future generations. Some of the region’s most important historic structures will be preserved thanks to these monies, as well as creating new business and economic development opportunities for our current residents,” Village of Homer Mayor Hal McCabe said in a statement. “As we prepare as a region for the arrival of Micron, the DRI will also aid local projects which will position Homer as one of the premier communities the anticipated new employees and their families will call home.”

For DRI round 6, each of the state’s 10 economic-development regions are being awarded $10 million, to make for a total state commitment of $100 million in funding and investments to help communities boost their economies by transforming downtowns into vibrant neighborhoods, the state says.

Herkimer College to add esports- management degree and arena this fall

Employee Benefits & Human Resources, Health Care, New York News, Nonprofits, Regional News, Subscriber Only, Technology

HERKIMER, N.Y. — Herkimer County Community College will add a new esports-management degree this fall and a new esports arena to support the new degree and the esports team on campus. “This is an exciting time for Herkimer College with the addition of esports management to our academic portfolio,” Cathleen C. McColgin, Herkimer College president,

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HERKIMER, N.Y. — Herkimer County Community College will add a new esports-management degree this fall and a new esports arena to support the new degree and the esports team on campus.

“This is an exciting time for Herkimer College with the addition of esports management to our academic portfolio,” Cathleen C. McColgin, Herkimer College president, said in a release. “This is not only an opportunity for students to transform a passion for gaming into a dynamic career, but it also positions graduates in the forefront of a rapidly emerging, multi-billion dollar industry.”

The esports industry, which involves professional or semi-professional gaming in an organized format, continues to see growth. The need for managers to support the industry is also projected to increase. According to Insider Intelligence, there were 532 million esports viewers worldwide in 2022.

Herkimer’s degree program enables graduates to enter the workforce upon graduation or continue their education at a four-year institution. Graduates can expect to find employment in events management, broadcasting, facilities, game-day management and operations, public relations, marketing, and sales.

“What is unique about our program is that it not only prepares students in esports management, event planning, and sports governance, but it [also] provides learners with a critical business foundation, providing for unlimited opportunities,” Steven Boucher, a business professor at Herkimer College, said.

Herkimer College created the Generals esports athletic program in 2020, making it one of 81 institutions nationwide competing in the National Junior College Athletic Association Esports (NJCAAE), which is comprised of more than 600 teams and 1,500 student athletes.

In its five seasons of competition, Herkimer’s team has won a national championship in Call of Duty Gunfight and had three top-four finishes and a top-eight finish in various gaming disciplines.

“I am beyond excited to have this academic program in conjunction with our rapidly growing esports team,” Joshua Lanza, Herkimer College’s esports coach said. “I look forward to working with our students not only as their coach but also as their teacher in the classroom. By including esports management as a recognized major, we are showing the community that there is so much more to esports than just playing video games.”

The esports arena’s initial phase will be completed by the fall of 2023. Herkimer College did not release any additional details about the facility.

SECURE 2.0 Act brings changes to retirement planning

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

SYRACUSE — Passed at the end of 2022, the SECURE 2.0 Act contains many new benefits for employers as well as employees in hopes of boosting retirement savings across the country. The act (formally known as the Consolidated Appropriates Act of 2023 (HR 2617) builds upon the 2019 SECURE Act with about 90 provisions that

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SYRACUSE — Passed at the end of 2022, the SECURE 2.0 Act contains many new benefits for employers as well as employees in hopes of boosting retirement savings across the country.

The act (formally known as the Consolidated Appropriates Act of 2023 (HR 2617) builds upon the 2019 SECURE Act with about 90 provisions that affect retirement-savings plans. The changes are designed to attack one major problem area, says Vicki Brackens, president and financial planner at Brackens Financial Solutions Network, LLC in Syracuse.

“No one is saving enough,” she says. The level of savings just doesn’t match the level of need these days. “We are in sore need of increasing the amount of assets being put away for clients.”

Years ago, Brackens says, people would retire somewhere between 62 and 65 years of age and then live about five to six years. These days, she notes, people are living in retirement on average, 25 to 28 years — but only saving enough for that five to six-year span.

The SECURE 2.0 Act aims to change that through several means. First, is a new requirement for employers who start new retirement plans after Dec. 29, 2022 to automatically enroll employees in their retirement plan at a withholding rate of at least 3 percent, but no more than 10 percent, of eligible wages. Employees may opt out of this automatic savings.

Previously, this was an option where employees could opt in. Brackens says the change will result in more people saving for retirement. “People don’t opt out,” she says. “The level of participation is much greater.”

Employers may wonder why they should care whether or not their employees are saving for retirement or whether it’s worth it to offer a retirement plan, but it truly is important, Brackens says. “You care about your business, and your business is impacted by the wellbeing of your employees,” she says. Employee wellbeing drives productivity. In addition, employers that offer retirement planning may find it easier to attract and retain employees in a competitive marketplace.

One change in the SECURE 2.0 Act that should make employees happy and can be a powerful tool for employers looking to attract and retain workers is the ability to treat student-loan payments as retirement contributions for the purpose of qualifying contributions.

In short, employees in a workplace that offers this option no longer have to choose between making their student-loan payments and saving for retirement. “That’s big,” Brackens says.

Another change benefiting employees is the expanded age limit for required withdrawals from retirement accounts. Previously, people were required to start withdrawing from their retirement account at 72. That age is now 73 and will move to 75 in 2033.

“That’s a good thing because if you have other assets, you can use those,” Brackens says.

With so many changes, the best way for employers to get a full idea of how the SECURE 2.0 Act affects their business is to meet with their retirement-plan administrator, Brackens says.

“Your first line of offense and defense is your plan administrator,” she notes. At that meeting, employers should fully review their plan in order to make any necessary amendments.

The next step, she adds, is to communicate those changes to employees so they can take advantage of any new opportunities.

“Make time as an owner to review your own plan,” Brackens adds. It’s important that employers make sure they are taking full advantage of every opportunity for their own retirement as well.

Brackens Financial Solutions Network, located at 250 South Clinton St. in Syracuse, offers securities and retirement-plan consulting through LPL Financial, a registered investment advisor. Other services are offered through Stratos Wealth Partners.

KeyCorp to pay Q1 dividend in mid-March

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KeyCorp (NYSE: KEY) — parent of KeyBank, the No. 2 bank ranked by deposit market share in the 16-county Central New York area — has declared a quarterly cash dividend of 20.5 cents per share of its common stock for the first quarter. The dividend is payable on March 15, to holders of record as of the

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M&T Bank Corp. adds Hearst executive to board

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M&T Bank Corp. (NYSE: MTB) recently announced that it has added Carlton J. Charles, senior VP of treasury and risk management at Hearst, to its board of directors. Upon his election, effective Jan. 18, Charles was appointed as a member of the nomination and governance committee of M&T’s board. He was also elected to the

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VIEWPOINT: Retirement Planning has Changed Again with SECURE Act 2.0

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In 2019, Congress passed and President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The intent of this law was to improve the way businesses provide retirement benefits to employees. In 2022, some long-awaited changes to the original act were introduced, and what is now known as SECURE

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The original SECURE Act of 2019 was designed to expand access to tax-advantaged retirement-savings accounts, and made changes to existing laws to ensure that older Americans are less likely to outlive their retirement assets.

SECURE 2.0 builds on those objectives and makes some important adjustments to the 2019 legislation. With more than 100 provisions in the law, these new changes are bound to impact just about everyone who is saving for retirement. So, whether your employees are close to retiring or have many more years to save, here’s what we all need to know.

• The biggest change in SECURE 2.0 might be the adjustments to required minimum distributions (RMDs). Under the 2019 act, a plan participant had to begin withdrawing retirement savings at the age of 72. The 2022 law increased this to age 73, beginning on Jan. 1, 2023. By 2033, the starting age for RMDs will be 75.

• Also starting this year, the penalties for failing to take the RMD are slashed from 50 percent of the amount not taken down to 25 percent. If you correct this mistake in a timely manner within an IRA, the penalty drops a bit further, down to 10 percent.

• Upcoming changes in catch-up contributions might help you reach your retirement savings goals faster. However, the parameters are different for those ages 50-59 and 60-63:

- For employees ages 50-59, the catch-up contribution is $7,500;

- For employees ages 60-63, the amount increases to $10,000 effective Jan. 1, 2025.

The original SECURE Act sought to make it easier for small businesses to create retirement accounts for employees, which was difficult and expensive in the past. With nearly half of all U.S. workers employed by small businesses, Congress recognizes that this is an important sector to reach, and encouraging small businesses to offer retirement plans is critical. According to the U.S. Bureau of Labor Statistics, 67 percent of private-industry workers had access to an employer-provided retirement plan as of March 2020.

SECURE 2.0 expands automatic enrollment in retirement plans. The new legislation requires employers who introduce new plans to automatically enroll any eligible new employees. Small businesses with 10 or fewer employees are exempt, as are new businesses, defined in the bill as those which have been in business for three or less years.

If you think it might help to offer some incentives to get your employees to participate in a retirement plan, beginning in plan year 2023, SECURE 2.0 has options for you. The legislation permits employers to offer small financial incentives to help boost employee participation, like low-dollar-amount gift cards.

If you have employees who are putting off participating in a retirement plan because they have student loans to pay back, starting in 2024 employers can “match” those employee student-loan payments as contributions to a retirement account. If student loans have been holding your employees back from saving for retirement, this provision may give them a real reason to start saving.

One interesting and potentially helpful provision in the new law relates to lost 401(k) plans. If concern about dormant accounts due to staff turnover has kept you from offering your employees a retirement plan, this provision could help. For past employees who may have changed jobs and subsequently lost track of their 401(k) accounts, the new law establishes a retirement savings “lost and found” database to help people track down their missing and forgotten accounts. The database is anticipated to be up and running in about two years.

The intent behind the original SECURE Act was to encourage working Americans to plan for retirement. SECURE 2.0 builds on that by enhancing incentives for small-business owners to motivate employees to participate. If you are interested in setting up a retirement plan for your small business, your financial institution is ready to help you get your employees on the road to saving for their retirement.

Mark Prian is VP and senior institutional wealth management consultant at NBT Wealth Management. He delivers financial, retirement, and institutional planning strategies to wealth-management clientele. With more than 25 years of financial-services industry experience, Prian is a certified financial planner (CFP), certified trust and financial advisor (CTFA), and holds a financial planning advanced certificate from the College of Saint Rose.

State pension fund posts 4.5% return in latest quarter

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ALBANY, N.Y. — The estimated value of the New York State Common Retirement Fund hit $242.3 billion at the end of the state’s 2022-2023 fiscal third quarter. For the three-month period ending Dec. 31, 2022, the fund’s investments returned an estimated 4.51 percent, the office of New York State Comptroller Thomas DiNapoli announced Feb. 10.

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