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WILLIAM MILLER was promoted to general manager of the Utica branch of Erie Materials, a regional distributor of building materials. Miller served as the operations manager for the past year, following a 21-year career as a territory manager. He succeeds Leo Dudziak, who had served as general manager since 2000 and will move to a […]
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WILLIAM MILLER was promoted to general manager of the Utica branch of Erie Materials, a regional distributor of building materials. Miller served as the operations manager for the past year, following a 21-year career as a territory manager. He succeeds Leo Dudziak, who had served as general manager since 2000 and will move to a consultative role.
LYNN FARBER has been promoted to operations manager of the Utica branch. He started in the location’s warehouse in 2000 then was quickly promoted to inside sales. About four years later, he was promoted to territory manager then returned to inside sales in 2016.
MIKE MAASS has been promoted to territory manager at the Utica branch. He has been with Erie Materials for nearly 20 years, starting in the warehouse as a temporary employee in 2001. Maass was hired permanently in 2002, promoted to assistant warehouse manager in 2010, and then promoted to inside sales in 2013.
MICHAEL WYSKIDA was hired as an inside-sales representative at the Syracuse branch. He brings to Erie Materials strong product knowledge and a broad range of experience in the retail and wholesale building-material industry including inside sales and project management. JOSHUA HINE was promoted to insides sales at the Elmira branch. He started his career with Erie Materials as a driver in 2018 then was soon moved to dispatch where he was recognized for his organizational skills and efficient routing capabilities.
NEIL (BUCK) FARBER was promoted to insides sales at the Utica branch. He started with Erie Materials in 2001 in the warehouse then was promoted to assistant warehouse manager. After a hiatus, he returned to Erie Materials as a driver and in dispatch.

MIKE MURPHY has been named assistant VP, advanced radar and sensors at SRC, Inc., in its Defense Systems and Solutions Division. In this role, Murphy will be responsible for leading in the development of innovative radars and sensors, research and development of technology, and new business. He has been with SRC for 25 years, most
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MIKE MURPHY has been named assistant VP, advanced radar and sensors at SRC, Inc., in its Defense Systems and Solutions Division. In this role, Murphy will be responsible for leading in the development of innovative radars and sensors, research and development of technology, and new business. He has been with SRC for 25 years, most recently working as director of advanced radar and sensors. Murphy has a bachelor’s degree in computer engineering from Clarkson University and a master’s degree in electrical engineering from Syracuse University.
MIKE RUSSELL has been promoted to assistant VP, strategy and technology, will work with a broad network of colleagues from across the SRC enterprise to develop and maintain the strategy and associated investments for the Defense Systems and Solutions Division. Russell has been with SRC for 15 years, most recently as director of strategy and technology. He has a bachelor’s degree in computer engineering from Clarkson University and a master’s degree in electrical engineering from Syracuse University.
MADDIE DIGRISTINA has been promoted to director of diversity, equity, and inclusion (DEI) at SRC. She will drive SRC’s DEI strategy to cultivate a more diverse workforce and inclusive culture where all employees feel valued, respected, and recognized. DiGristina previously served as senior manager of diversity, equity, and inclusion. She has been with the enterprise for 10 years, has a bachelor’s degree in business management from Saint Michael’s College and a master’s degree in business management from San Diego State University.
KATIE LAFAY has been named director of international integration and strategic engagement at the company. In this new role, she will be responsible for the establishment of corporate strategies, policies, and plans to align with U.S. and international laws, regulations, and standards to posture SRC for international flexibility. LaFay previously served as senior manager of international trade compliance. She has been with SRC for more than 10 years. LaFay has a bachelor’s degree in communication, and a bachelor’s degree in political science, both from the State University of New York at Potsdam.
JANNA NELSON has been elevated to director of human resources at SRC. She will be responsible for leading the talent-management function while providing strategic and operational leadership to the talent management, talent acquisition, and HRIS teams and will work with organizational development, compensation, and benefits to meet business objectives. Nelson most recently served as a senior manager on the human-resources team. She has been with SRC since 2018. Nelson has a bachelor’s degree in human-resources management from Syracuse University and is a member of the Central New York Society of Human Resource Management (SHRM) and the National SHRM.
MARK CAMPITELLO has been promoted to senior principal systems engineer at SRC. He joined the company in 2010 as a principal systems engineer and, in addition to his duties in systems engineering, has held positions in integration and testing. As a senior principal systems engineer, Campitello will mentor colleagues and work towards implementing digital engineering and model-based systems engineering at SRC. He has a bachelor’s degree in computer engineering from the Rochester Institute of Technology and a master’s in system engineering from Southern Methodist University.
JASON CRONISER has been named senior program manager at the company. In his new role, he will help improve SRC’s on-the-move counter-UAS capabilities while mentoring colleagues who are interested in pursuing program management. Croniser started with SRC in 2019 as a program manager. He has a bachelor’s degree in mechanical engineering from Clarkson University.
PAUL VENESKY has been promoted to senior program manager. He has been with SRC for 16 years and moves to this new role from his program manager position. He will continue to manage the SR Hawk business area that includes sales, engineering, product line, and customer support. Venesky has an associate degree in electronics from ITT Technical Institute, a bachelor’s degree in computer information systems from Columbia College, and an MBA from Columbia College.
NYS pension fund produced nearly 5 percent return last quarter
ALBANY, N.Y. — The New York State Common Retirement Fund produced an estimated return of 4.74 percent in the final quarter of 2021, its fiscal third quarter. That’s according to New York State Comptroller Thomas DiNapoli who also noted that the fund ended the quarter with an estimated value of $279.7 billion. “A strong [fiscal]
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ALBANY, N.Y. — The New York State Common Retirement Fund produced an estimated return of 4.74 percent in the final quarter of 2021, its fiscal third quarter.
That’s according to New York State Comptroller Thomas DiNapoli who also noted that the fund ended the quarter with an estimated value of $279.7 billion.
“A strong [fiscal] third quarter kept our state pension fund on track, despite ongoing market volatility,” the comptroller said. “Our focus, as always, remains long-term, sustainable investment returns that will ensure our members and their beneficiaries continue to have secure pensions for generations to come.”
The state pension fund’s estimated value reflects benefits of $3.62 billion paid out to retirees and beneficiaries during its fiscal third quarter (the fund’s fiscal year ends March 31). Its audited value, as of fiscal year end March 31, 2021, was $258.1 billion and the state fiscal year 2020-21 annual return was 33.55 percent.
As of Dec. 31, 2021, the pension fund had 51.38 percent of its assets invested in publicly traded equities. The remaining fund assets by allocation are invested in cash, bonds, and mortgages (22.37 percent); private equity (12.36 percent); real estate and real assets (8.52 percent); and credit, absolute return strategies, and opportunistic alternatives (5.37 percent).
The S&P 500 index rose more than 10 percent in the final quarter of 2021.
DiNapoli initiated quarterly investment performance reporting in 2009 as part of his “ongoing efforts to increase accountability and transparency,” his office said. Quarterly rates of return provide a snapshot of performance over three months and reflect a fraction of the fund’s annual investment return, which is targeted at 5.9 percent.
About the state pension fund
DiNapoli’s office describes the New York State Common Retirement Fund as “one of the largest” public pension funds in the U.S.
The fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than 1 million state and local-government employees and retirees and their beneficiaries.
The fund has “consistently been ranked as one of the best managed and best funded plans in the nation,” DiNapoli’s office contended.

Plan post-COVID financial-planning, business goals
As COVID-19 case numbers drop and other news begins to take the top spot in the headlines, it’s a good time for individuals and business owners to take a moment to reassess their investment management, financial planning, and business goals as we begin to transition toward a post-pandemic world. “I think we’ve all just been concerned with
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As COVID-19 case numbers drop and other news begins to take the top spot in the headlines, it’s a good time for individuals and business owners to take a moment to reassess their investment management, financial planning, and business goals as we begin to transition toward a post-pandemic world.
“I think we’ve all just been concerned with trying to stay healthy,” says Christopher Giambrone, partner at CG Capital in New Hartford. It’s important to also make sure our financial lives are healthy as well, and this is a good time to do so.
For individuals, one of the main things he suggests is to evaluate any debt as all signs are pointing to increasing interest rates later this year.
Current inflation rates over 7 percent means higher interest rates on the way, says Alan Leist, III, CEO of Strategic Financial Services in Utica. Higher inflation also means our dollars don’t go as far as they used to and causes worry that the Federal Reserve could overcorrect on interest rates and trigger a recession.

“People are generally unsettled and scared,” Leist notes.
One way for investors to combat that unsettled feeling is to review investment portfolios and make sure that they are well diversified and monitored regularly, says Doug Walters, Strategic’s chief investing officer.
Giambrone agrees that a portfolio review is in order. “It’s a good time to take a look at your investment portfolio … and make sure it’s in line with your risk profile.”
Both Giambrone and Leist concur that the pandemic had one effect on people that could affect their financial-planning strategies.
“It encouraged people to think about what a great life means to them,” Leist says. For many people, it made them reevaluate priorities.

“There have been a lot of people that assessed things and retired early,” Giambrone notes. Whether it’s retiring early, traveling more, or some other goal, he recommends people get as specific as they can about those goals so they can develop a clear path to get there.
Things like figuring out when you want to retire and making sure your estate plan is up to date are critical components of planning and should be constantly evaluated as goals change, Leist notes.
Business changes
The workplace is one area that seen great change during the pandemic. While some people opted to retire, it wasn’t an option for others, Giambrone says. However, between working remotely from home or the loss of some service-industry jobs, there are a lot of factors business owners need to consider as the world transitions out of the pandemic.
Working is a big commitment, Leist says. “That commitment needs to be honored by the workplace, so the workplace becomes an empowerment tool.”
People are less stressed if they aren’t worried about their finances, and being less stressed can make them more productive, he says. “Make sure your people are being taken care of financially,” he adds.
Some businesses may be struggling to find the necessary staff, Giambrone says. He suggests they consider outsourcing tasks when they can. “There are a lot of specialty firms out there now to work with small businesses.”
Businesses should also reevaluate the client relationship to see what service model is best for each client going forward. Some clients might be eager to get back to in-person interactions, while others might prefer to continue a virtual model. Businesses need to be prepared to adapt.
This is also a good time for business owners to examine their objectives and make sure they are on track. “One really important aspect of being a business owner is your vision,” Giambrone says. Take some time with all the changes COVID-19 brought and make sure the company’s actions are supporting that vision, he says.

Lower 401(k) plan-fee trend continues, per reference book
The average total plan cost and investment fees for 401(k) plans continued to decline in the latest year, according to the new release of the “401k Averages Book,” 22nd Edition. Total investment costs declined between 0.01 percent and 0.06 percent from last year, with an average decrease of 0.03 percent, per the reference book. “The decline in
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The average total plan cost and investment fees for 401(k) plans continued to decline in the latest year, according to the new release of the “401k Averages Book,” 22nd Edition.
Total investment costs declined between 0.01 percent and 0.06 percent from last year, with an average decrease of 0.03 percent, per the reference book.
“The decline in investment related fees paid by participants will help boost retirement savings over the years,” Joseph W. Valletta, author of the 401k Averages Book, said in a release.
The book of averages found that fees for small retirement plan (100 participants/$5 million assets) declined from 1.20 percent to 1.19 percent. Since 2017, small plan total plan costs have dropped by 0.06 percent from 1.25 percent.
“For years there has been an increased awareness around the impact 401(k) fees have on long-term savings. The trend in lower fees shows that employers and their advisors have been working to reduce the drag caused by these fees,” said Valletta.
Large retirement plans (1,000 participants/$50 million in assets) had fees decline from 0.90 percent to 0.88 percent over the past year and have dropped from 0.95 percent in 2017.
The 401k Averages Book (www.401ksource.com) found a wide range between high and low-cost providers. The range of cost is greatest within the small-plan market.

Morgan Stanley Wealth Management promotes Moles to VP
SYRACUSE, N.Y. — Morgan Stanley (NYSE: MS) recently announced that Nichole Moles — a financial advisor and insurance-planning director in the firm’s wealth management office in Syracuse — has been promoted to vice president. Moles has been with Morgan Stanley Wealth Management since 2004. She holds a bachelor’s degree in mass communication from Mansfield University
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SYRACUSE, N.Y. — Morgan Stanley (NYSE: MS) recently announced that Nichole Moles — a financial advisor and insurance-planning director in the firm’s wealth management office in Syracuse — has been promoted to vice president.
Moles has been with Morgan Stanley Wealth Management since 2004. She holds a bachelor’s degree in mass communication from Mansfield University of Pennsylvania.
Morgan Stanley Wealth Management says it offers brokerage and investment-advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement, and trust services.

Schunck to lead Key Investment Services field organization in CNY, Rochester
Kevin Schunck recently joined KeyBank as senior VP and market leader for Key Investment Services. In this role, he will lead the local Key Investment Services field organization in Central New York and Rochester, working to grow revenue, increase market share, and provide clients in the mass-affluent segment with exceptional service, according to a KeyBank news release.
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Kevin Schunck recently joined KeyBank as senior VP and market leader for Key Investment Services.
In this role, he will lead the local Key Investment Services field organization in Central New York and Rochester, working to grow revenue, increase market share, and provide clients in the mass-affluent segment with exceptional service, according to a KeyBank news release.
Schunck most recently served as the regional sales manager for Wilmington Advisors @ M&T (formerly M&T Securities, Inc.) in the Central New York market. Before that role, he was in charge of building out and leading the centralized delivery channel at Equitable, overseeing that market for Equitable nationwide.
Schunck earned his bachelor’s degree in innovation and entrepreneurship from Clarkson University, according to his LinkedIn profile. He is also a graduate of Cicero-North Syracuse High School.
Key Investment Services says its professionals work with clients to help meet their goals, including wealth management, retirement planning, maximizing retirement-income distributions, saving for a major purchase, paying college costs for children or grandchildren, and leaving a legacy. Its products include IRAs, annuities, mutual funds, managed accounts, education-savings plans, and health-savings investment accounts.
ASK RUSTY: Will I Have Any Social Security Benefits?
Dear Rusty: I’m 60 years of age and wonder if I will have any Social Security retirement benefits. After all, I did purchase them. Signed: Uncertain Dear Uncertain: Your eligibility for Social Security (SS) benefits depends upon your lifetime earnings history from work, from which Social Security FICA taxes were withheld. If you have worked,
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Dear Rusty: I’m 60 years of age and wonder if I will have any Social Security retirement benefits. After all, I did purchase them.
Signed: Uncertain
Dear Uncertain: Your eligibility for Social Security (SS) benefits depends upon your lifetime earnings history from work, from which Social Security FICA taxes were withheld. If you have worked, contributed to SS while working, and have earned at least 40 “quarters” of credit, you will be entitled to Social Security benefits. You can earn up to four credits each year by earning a specific amount of money, which means you must have worked for about 10 years contributing to Social Security in order to be eligible for SS benefits. For 2022, you will get four credits if you earn at least $6,040 (the amount needed per credit varies by year). The amount of benefit you will get depends upon your average monthly earnings (adjusted for inflation) over the highest-earning 35 years of your lifetime. The higher your annual earnings (from which FICA tax was withheld), the more your SS benefit will be. But you must have worked, earned, and contributed to Social Security for at least 35 years to get your maximum benefit. The Social Security Administration always uses 35 years of earnings to compute your benefit and if you have fewer, it will put $0 earnings in some years to make it 35. [The agency] will use the monthly average of those 35 years to determine your primary benefit — known as your primary insurance amount (PIA), which is what you get at your full retirement age (FRA).
You cannot collect your personal SS retirement benefit until you are at least 62 years old, but if you claim at that age your benefit will be permanently reduced by 30 percent. You can only receive your full SS benefit by waiting until your full retirement age (age 67 for you) to claim your Social Security. Claiming any earlier means a smaller benefit, but you can also delay longer and earn delayed retirement credits (DRCs) up to age 70, when your maximum benefit would be 24 percent more than it would be at your FRA. You have an eight-year window to claim your Social Security, and when you claim within that window determines how much of your primary SS benefit you will get.
If you claim before your FRA and you continue to work, the Social Security Administration (SSA) places a limit on how much you can earn before it takes away some of your benefits. For example, someone who claims at age 63 in 2022 would have an annual earnings limit of $19,560, and if that were exceeded, the SSA would take away benefits equal to $1 for every $2 over the limit (a monthly limit may be imposed if you claim mid-year). The earnings limit applies until FRA is reached, after which there is no longer a limit to how much can be earned.
The easiest way to determine your eligibility for Social Security benefits and how much that benefit would be at different ages is to obtain a “Statement of Estimated Benefits” from the SSA. You can request that by calling the SSA at (800) 772-1213, but you can also get it yourself by creating your personal “my Social Security” online account at www.ssa.gov/myaccount. Once you have created your personal online account, you can see your lifetime record of earnings and download your Statement of Estimated Benefits to understand whether you are entitled to Social Security benefits and, if so, how much your benefit will be if claimed at various ages
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.

State begins work on starting retirement program for private-sector employees
New York State has started work on establishing a retirement-savings plan for employees in New York’s private sector “who are not offered a retirement plan through their workplace,” per the program’s website. Gov. Kathy Hochul on Jan. 26 announced the convening of the New York Secure Choice Savings Program board, representing the first phase in
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New York State has started work on establishing a retirement-savings plan for employees in New York’s private sector “who are not offered a retirement plan through their workplace,” per the program’s website.
Gov. Kathy Hochul on Jan. 26 announced the convening of the New York Secure Choice Savings Program board, representing the first phase in implementing such a retirement-savings plan.
Hochul signed legislation last fall to ensure that the Secure Choice Savings Program, which was originally enacted in 2018, is self-sufficient and accessible to workers who do not have access to employer-sponsored retirement plans.
The board is now in position to begin starting the program. The Secure Choice Savings Program includes automatic enrollment and payroll deduction into an individual retirement account (IRA). The program will be mandatory for most employers and employees can opt-out of the program at any time.
“The New York Secure Choice Savings Program ensures private-sector employees can save for retirement in a convenient, low-cost manner,” Hochul contended. “My administration is committed to the financial stability and success of all New Yorkers, and guaranteeing they have a reliable retirement plan is a large part of that mission.”
During its initial meeting held Jan. 26, the Secure Choice Savings program board directed the New York State Department of Taxation and Finance to begin implementing the program. The tax department will soon issue a public request for proposal for a consultant to help design the Secure Choice Savings program.
Hochul’s office calls it a “critical step to ensure the program is swiftly implemented” and begins helping New Yorker retirees.
The current New York State Secure Choice Savings Program board members are Chris Curtis, commissioner designee of the New York State Department of Taxation and Finance; Tom Nitido, New York State Comptroller designee; Shirin Emami, New York State Department of Financial Services Superintendent designee; Beth Finkel, state director of AARP New York; and Lisa Sorin, president of the Bronx Chamber of Commerce, per Hochul’s office.

Strategic’s lead advisor earns CFP designation
UTICA, N.Y. — Melissa Fernalld, a lead financial advisor at Strategic Financial Services, Inc., a Utica–based wealth-management firm, has achieved her CFP designation from the Certified Financial Planner Board of Standards, Inc. This designation is awarded to individuals who successfully complete the CFP Board’s initial exams, then continue ongoing annual education programs to sustain their
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UTICA, N.Y. — Melissa Fernalld, a lead financial advisor at Strategic Financial Services, Inc., a Utica–based wealth-management firm, has achieved her CFP designation from the Certified Financial Planner Board of Standards, Inc.
This designation is awarded to individuals who successfully complete the CFP Board’s initial exams, then continue ongoing annual education programs to sustain their skills and certification. This formal recognition further positions Fernalld as an expert in the areas of financial planning, taxes, insurance, estate planning and retirement, according to a Strategic news release.
Fernalld joined Strategic in 2007 as an operations specialist, working with individual clients and not-for-profit organizations, specializing in on-boarding, case design, scenario building, and financial-plan development. In 2010, Strategic promoted her to senior operations specialist, where she had a leadership role over the client-service team. Since 2011, Fernalld has served as a financial advisor and today is in the lead financial advisor role.
In business since 1979, Strategic says it has a team of 37 wealth-management professionals, servicing more than 1,000 clients and managing $1.8 billion in assets. The firm now has five people with a CFP designation. Strategic has offices in Utica, Syracuse, Rome; and West Palm Beach, Florida.
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