USDA NASS report sheds light on New York farmers’ use of the internet, computers, and other technology

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ALBANY — In New York state, 81 percent of farms reported having access to the internet with 92 percent of those paying for access through a service provider, according to a new report from the USDA’s National Agricultural Statistics Service (NASS) New York field office. In 2021, 46 percent of farms in the state used […]

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Welch Allyn to have new Chicago-area parent after sale

Employee Benefits & Human Resources, Health Care, Manufacturing & Engineering, Subscriber Only, Technology

Welch Allyn, Inc. — a medical-sevice maker in Skaneateles Falls that has been in operation for more than a century — will have a new owner in 2022. Baxter International (NYSE: BAX), an Illinois medical-products company has acquired Hill-Rom (NYSE: HRC) — the parent company of Welch Allyn — in a $10.5 billion deal. Hill-Rom, a

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Welch Allyn, Inc. — a medical-sevice maker in Skaneateles Falls that has been in operation for more than a century — will have a new owner in 2022.

Baxter International (NYSE: BAX), an Illinois medical-products company has acquired Hill-Rom (NYSE: HRC) — the parent company of Welch Allyn — in a $10.5 billion deal.

Hill-Rom, a global medical-technology firm, is headquartered in Chicago, Illinois, while Baxter International is headquartered in Deerfield, Illinois, a Chicago suburb.

When asked if the acquisition will have any impact on the employee count of about 1,000 at Welch Allyn, a Baxter spokesperson tells CNYBJ that it’s too early to tell as the deal isn’t expected to close until early 2022.

“…this is the first step in the process of bringing these two established businesses together. While we have had the benefit of a sound due diligence process, the integration planning process will allow us to learn more about the Hill-Rom businesses and its employees,” Lauren Russ, VP / external communications for Baxter International says in an email.

Hillrom Holdings, Inc. in June 2015 announced plans to acquire Welch Allyn for about $2.05 billion in cash and stock. Nearly three years later, Hill-Rom formally dedicated a $12.7 million expansion project that adds about 100,000 square feet to the Welch Allyn campus.

The boards of directors of both Baxter and Hill-Rom have unanimously approved the acquisition. The deal is subject to the approval of Hill-Rom shareholders and the satisfaction of customary closing conditions, including regulatory approvals. The transaction is expected to close by early 2022, per a news release on the Baxter website.

Upon completion of the transaction, Baxter will pay $156 in cash for each outstanding share of Hill-Rom common stock for a purchase price of $10.5 billion. Baxter will also assume Hill-Rom’s outstanding debt and cash, for a total enterprise value of $12.4 billion. The purchase price represents a 26 percent premium to Hill-Rom’s closing stock price on July 27, the last trading day prior to media reports speculating about a potential transaction.

The combination is expected to accelerate the companies’ expansion into digital and connected-care solutions that are increasingly enabling patients with access to hospital-level care at home or in other care settings.

“Baxter and Hill-Rom share a common vision for transforming healthcare to better serve all patients and providers,” José (Joe) Almeida, Baxter’s chairman, president and CEO, said. “Patients increasingly want to receive their care at home or nearby, while hospitals and other care providers are increasingly using digital health technologies to expand access, improve quality and lower costs. Baxter and Hill-Rom are uniting to meet the challenges of a rapidly evolving global health-care landscape, while also creating significant value for all the stakeholders we serve.”

“We are proud of the steps we have taken to transform Hill-Rom into a medical technology leader with an innovative portfolio of connected-care solutions,” John Groetelaars, president and CEO of Hill-Rom, said. “Today’s milestone announcement represents a win-win for all stakeholders. Patients and caregivers will benefit from enhanced capabilities across the continuum of care, our shareholders will receive a significant and immediate premium for their investment, and our employees will benefit from being part of a larger, stronger company with accelerated growth opportunities. Baxter is the ideal partner to enhance our global reach and realize the true potential of our vision to accelerate medical innovation around the world.”

Small group health-insurance premiums in NYS to rise over 7%

Health Care, Insurance & Financial Services, Law, Accounting & Taxes, New York News, Nonprofits, Subscriber Only

Insurers serving New York’s small-group market will raise their premiums, on average, 7.6 percent after requesting an average increase of 14 percent. That’s according to the New York State Department of Financial Services (DFS), which on Aug. 13 said it reduced the average increase by 46 percent, “saving small businesses over $468 million.” DFS also

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Insurers serving New York’s small-group market will raise their premiums, on average, 7.6 percent after requesting an average increase of 14 percent.

That’s according to the New York State Department of Financial Services (DFS), which on Aug. 13 said it reduced the average increase by 46 percent, “saving small businesses over $468 million.”

DFS also noted that health-care costs are increasing to pre-pandemic levels.”

Almost 900,000 New Yorkers are enrolled in small-group plans, which cover employers with up to 100 employees. Some small businesses will also be eligible for tax credits that may lower those premium costs even further, DFS said. 

Over 1.1 million New Yorkers are enrolled in small-group and individual plans. Rates in the individual market will increase 3.7 percent, saving consumers more than $138 million compared to insurers’ higher requested increases, per the DFS news release.

“As the state continues to reopen, people have been seeking long-postponed non-essential and elective health services, increasing costs and putting pressure on premiums. However, particularly due to the economic fallout from the pandemic, we must strive to ensure that quality, affordable health care remains available to all New Yorkers,” Linda Lacewell, former DFS superintendent, said in a statement. “I’m proud of the work DFS has done to scrutinize these rate applications and save over $600 million in premium costs for New Yorkers.”

Lacewell resigned from the superintendent’s role in August.

As in prior years, the continued rise of health-care costs is the main driver of premium rates. Medical claims decreased significantly in 2020 due to the postponement of elective and non-emergency services, but medical claims have increased in 2021 as New Yorkers catch up on medical appointments and postponed services.  As a result, medical-claims trends, the rate at which medical costs and utilization increase, have returned to pre-pandemic levels, DFS explained.

Harris nominated as DFS superintendent

Insurance & Financial Services, Law, Accounting & Taxes, Subscriber Only

ALBANY — The New York State Senate will consider Gov. Kathy Hochul’s nomination of Adrienne Harris to lead the New York State Department of Financial Services as its next superintendent. Formerly a top economic advisor to President Barack Obama, Harris would become the state’s top financial regulator. She would succeed Linda Lacewell, who resigned from

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ALBANY — The New York State Senate will consider Gov. Kathy Hochul’s nomination of Adrienne Harris to lead the New York State Department of Financial Services as its next superintendent.

Formerly a top economic advisor to President Barack Obama, Harris would become the state’s top financial regulator. She would succeed Linda Lacewell, who resigned from the role in August.

If confirmed by the state Senate, Harris would oversee the banking and insurance industries and their compliance with state laws as New York works to rebuild its economy in the wake of the COVID-19 pandemic, Hochul’s office said in announcing the nomination Aug. 31.

Harris graduated from Georgetown University with a bachelor’s degree and subsequently earned her law degree from Columbia Law School and an MBA degree from New York University.

About Harris

Harris began her career as an associate at Sullivan and Cromwell LLP in New York City, representing a number of U.S. and non-U.S. based corporations in various forms of litigation and regulatory matters, before accepting a position at the U.S. Department of the Treasury under President Barack Obama.

While at the Treasury Department, Harris served as a senior advisor. In that role, Harris focused on several financial-policy issue areas. The work included helping jumpstart national financial-reform efforts, finding ways to advance fintech, identifying solutions to the student-loan crisis, analyzing the nexus between foreign investment and national security, and working to promote financial intelligence and health in communities throughout the country.

Following her time at the Treasury Department, Harris then joined the White House, where she was appointed as special assistant to the president for economic policy, as part of the National Economic Council.

In that role, Harris managed the financial-services portfolio, which included developing and executing strategies for financial reform and the implementation of Dodd-Frank, while also continuing to advance fintech initiatives, consumer protections for the American public, cybersecurity, and housing-finance reform priorities.

Since leaving the White House in January 2017, Harris went on to serve as general counsel and chief business officer, and presently as advisor at States Title, Inc. (now DOMA), which provides title insurance and settlement services in a number of states throughout the nation. Harris also currently serves as a professor and faculty co-director at the Gerald R. Ford School of Public Policy’s Center on Finance, Law and Policy at the University of Michigan, as well as a senior advisor at the Brunswick Group in Washington D.C., where she advises multinational corporations on mergers and acquisitions, stakeholder communications and management, futureproofing, and policy intelligence.

Community Bank System to pay increased dividend on Oct. 8

Banks & Credit Unions, Subscriber Only

DeWITT — Community Bank System, Inc. (NYSE: CBU) will pay shareholders a quarterly cash dividend of 43 cents a share on its common stock on Oct. 8. The dividend, which is payable to shareholders of record as of Sept. 15, represents an increase of 1 cent, or 2.4 percent, over last quarter’s payment. This increase marks

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Elmira Savings Bank pays dividend of 15 cents a share

Banks & Credit Unions, Regional News, Subscriber Only

ELMIRA — Elmira Savings Bank (NASDAQ: ESBK) paid its shareholders a quarterly cash dividend of 15 cents per share on its common stock on Sept. 10. The dividend, which was payable to shareholders of record on Sept. 2, yields about 4.5 percent on an annual basis, at the banking company’s current stock price. Elmira Savings

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UC’s Young Scholars Liberty Partnerships program gets boost

Health Care, Subscriber Only

UTICA, N.Y. — Utica College says it will use a $1 million donation to “enhance and grow” the Young Scholars Liberty Partnerships program (YSLPP), which seeks to help “diverse and talented students with potential.” John Sammon, the founder and chairman emeritus of PAR Technology, and his wife, Deanna Sammon, made the donation. The Sammons established

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John Sammon, the founder and chairman emeritus of PAR Technology, and his wife, Deanna Sammon, made the donation.

The Sammons established a fund through the Community Foundation of Herkimer and Oneida Counties. The fund is called the John and Deanna Sammon Fund for Young Scholars Liberty Partnerships Program and it will “provide support for years to come,” per a foundation news release.

YSLPP was established in 1993 with Utica College and the Utica City School District to motivate “diverse and talented students with potential” to stay in school, earn a New York State Regents diploma with advanced designation, and pursue post-secondary education.

Students participating in the program get involved in academic, social, and cultural activities that “enable them to grow both personally and professionally.”

“The Young Scholars Liberty Partnerships Program at Utica College has a longstanding tradition of excellence, having mentored more than 1,300 students in its 28-year history of partnering with the Utica City School District,” Laura Casamento, president of Utica College, said. “This very generous gift from the Sammon family will ensure that we can continue and expand this most valuable partnership, helping talented students realize their full potential. In addition, more than two-thirds of successful Young Scholars graduates live and work in the Utica area, helping to further strengthen our community.”

Students who are enrolled have a 94 percent graduation rate with more than 86 percent going on to college — “outcomes that speak to the successful model that this collaboration has built,” the foundation said. Candidates for the program are nominated by sixth-grade teachers in the school district. Each year, YSLPP serves more than 350 students for a 6-year term of 7-12 grade. The contribution from the Sammon family will enable Young Scholars LPP to “expand and strengthen” its programming and services.

CEO FOCUS: Eligibility Expanded for Pandemic Small-Biz Recovery Grant Program

Business Mentors, Subscriber Only

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As one of her first acts as governor of New York, Kathy Hochul announced expanded eligibility for the $800 million COVID-19 Pandemic Small Business Recovery Grant Program. New changes to the program will enable more small businesses to apply for funding. Businesses with revenue from $25,000 up to $2.5 million can now apply for grants, up from the previous threshold of $500,000. Additionally, the limitation for businesses that received federal Paycheck Protection Program loans has been increased from $100,000 to $250,000.

The expansion of this program is something CenterState CEO has advocated for, and we are grateful to Gov. Hochul for her actions to ensure more of the small businesses most impacted by this crisis receive the support and resources they need to survive and thrive. Additionally, as chair of the New York State Assembly Small Business Committee, and co-chair of an Assembly Working Group focused on New York’s economic recovery from COVID-19, Assemblyman Al Stirpe was an outspoken advocate for small-businesses funding in the state budget. We thank these leaders for recognizing the importance of supporting small businesses during this crisis and continuing to evolve programs to meet ongoing needs.

As we have done throughout this crisis, CenterState CEO’s team stands ready to help businesses navigate the application process. As a designated technical-assistance partner, CenterState CEO can assist and advise applicants on their applications. Please contact Andy Obernesser, CenterState CEO’s director of community investment, for assistance at aobernesser@centerstateceo.com. More information, program guidelines, and the grant application, can be found at https://nysmallbusinessrecovery.com/. Furthermore, you can find a broad range of business-support resources at our COVID-19 Business Resources page at https://www.centerstateceo.com/business-resources/covid-19-business-resources.

Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This article is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on Aug. 26.

VIEWPOINT: Ask Rusty: My Social Security Income Hurts When I File My Taxes

Business Mentors, Employee Benefits & Human Resources, Insurance & Financial Services, Subscriber Only

Dear Rusty: I am getting hammered with taxes on my Social Security (SS). I am retired and draw a meager work pension and SS benefits. When my wife and I filed our joint tax return, we owed the IRS a substantial amount of money — they took 85 percent of my SS in taxes. We

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Dear Rusty: I am getting hammered with taxes on my Social Security (SS). I am retired and draw a meager work pension and SS benefits. When my wife and I filed our joint tax return, we owed the IRS a substantial amount of money — they took 85 percent of my SS in taxes. We are just barely over the minimal amount of income allowed for SS tax exemption. Is there anything I can do so I do not have to pay all this money at once at the end of the year? I didn’t get any tax advice when I started drawing my SS and the guy who prepared our tax return couldn’t have cared less. No one ever told me that I would get double-taxed on the SS that I worked so hard for. Any help or advice is appreciated; I cannot take another hit like this again.

Signed: Double-Taxed

Dear Double-Taxed: Unfortunately, taxation of Social Security benefits has been law since 1983 when the law to allow 50 percent of benefits to be taxed was enacted. In 1993, Congress added another threshold to allow up to 85 percent of SS benefits to be taxable. Just to clarify the way it works (not that it will soften the pain), they don’t take 85 percent of your SS benefits away in taxes — but 85 percent of your SS benefits becomes part of your overall taxable income at whatever your normal IRS tax rate is for your income level. So, if your IRS tax rate is 10 percent, that percentage is applied to 85 percent of your SS benefits received during the tax year (at your income level).

As for whether there is anything you can do, short of lowering your overall income, the answer is no. The IRS determines taxability of your SS benefits based upon something called your “modified adjusted gross income” (or MAGI), which is your normal adjusted gross income (AGI) from your tax return, plus 50 percent of the Social Security benefits you received during the tax year, with any non-taxable interest you may have had added back in. With an IRS filing status of “married-filing jointly,” if your MAGI was more than $32,000, then 50 percent of your SS benefits are included in your taxable income; if your MAGI is more than $44,000 then up to 85 percent of your SS benefits becomes part of your overall taxable income. And unfortunately, there’s no way around that. FYI, the thresholds for single filers are $25,000 (above which 50 percent of SS is taxable) and $34,000 (above which 85 percent of SS is taxable). Below those minimum thresholds for both single and married filers, Social Security benefits aren’t taxable.

To soften the income-tax burden when you file your taxes each year, you may want to consider having taxes withheld from your SS benefit payments. That’s easy to do by submitting IRS form W-4V to your local Social Security office. Here’s a link at which you can download and print that form: www.irs.gov/pub/irs-pdf/fw4v.pdf. You will see that you can choose to have any of the following percentages of your SS benefit withheld for federal income-tax purposes — 7%, 10%, 12%, or 22%. To find the mailing address for your local Social Security office, visit www.ssa.gov/locator.

Russell Gloor is a certified Social Security advisor with the Association of Mature American Citizens (AMAC). The 2.3 million member AMAC says it is a senior-advocacy organization. Send your questions to: SSadvisor@amacfoundation.org.

Author 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.

OPINION: Eviction Moratorium Extension Highlights Ugliest Parts of Albany

Opinion, Subscriber Only

The New York Legislature reconvened in Albany on [Sept. 1] to extend the state’s moratorium on evictions. The special session, which concluded after many New Yorkers had gone to sleep, was needed to extend the state’s misguided eviction moratorium until Jan. 15, 2022. The bill itself is almost as flawed as the process that led up

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Only seven states in the country are still forcing landlords to operate under an eviction moratorium. Four additional months (at a minimum) of “cancelling rent” here in New York comes only after Albany dysfunction and Democrats’ delays held up $2.3 billion in federal rental-assistance funding. The money from Washington was approved in January, but the Emergency Rental Assistance Program (ERAP) did not begin to get funds out the door until this summer.

By every metric, the previous administration failed miserably at moving this critical funding through the Office of Temporary Disability Assistance (OTDA), the state agency tasked with distributing relief money. New York remains among the slowest states to deliver ERAP assistance to struggling tenants and landlords. Had the OTDA simply done its job, the impetus for the recent chaotic and secretive session would never have existed in the first place.

Instead, landlords facing enormous financial pressure to pay their mortgages, taxes, and utility bills will continue to shoulder those costs without receiving duly owed rent. Under the extended moratorium, landlords can only recover existing back rent if they agree not to evict tenants for another 12 months. Simply put, participation in the ERAP program triggers an eviction moratorium all on its own. The state’s small property owners are damned if they do, damned if they don’t.

In addition, the special session also highlighted the total dysfunction of government operations in New York. In one of her first official acts, Gov. Kathy Hochul signed off on a measure that would suspend New York’s Open Meetings Law, a measure that provides a critical outlet for public participation in government. There is no shortage of irony that Albany’s method of modifying the Open Meetings Law was to advance the bill without public input, public review, or any public participation whatsoever. For a governor who has boldly proclaimed her commitment to transparency from the day she was installed, hiding this measure from
20 million New Yorkers does not instill confidence.

Overall, New Yorkers were on the losing end of the recent backroom dealmaking and the old-school Albany approach to governing. This is a dubious start for a new administration that made promises of open government and a new day in Albany. Every New Yorker has a right to wonder how this represents an improvement from the previous one.

William (Will) A. Barclay, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact Barclay at barclaw@assembly.state.ny.us.

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