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Bill > A05013


NY A05013

NY A05013
Directs the department of financial services to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation systems of similar federal financial regulators and to issue a report of its findings.


summary

Introduced
02/10/2025
In Committee
02/10/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT directing the department of financial services, in consultation with the office of employee relations and the department of civil service, to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation system of similar federal financial regulators

AI Summary

This bill directs the New York State Department of Financial Services to conduct a comprehensive study on creating a compensation system that matches the pay scales of similar federal financial regulators. Specifically, the department must collaborate with the Office of Employee Relations and Department of Civil Service to analyze pay structures, with a focus on the federal government's General Schedule (GS) payscale. The goal is to achieve pay parity between state and federal financial regulatory employees to improve recruitment and retention. Within one year, the department must submit a detailed report to key state leaders that includes: identifying comparable positions at federal agencies like the SEC, Federal Reserve Bank of New York, and Consumer Financial Protection Bureau; proposing a new compensation system that aligns state and federal pay; exploring alternatives for pay parity; suggesting strategies to improve employee retention; and examining potential cost savings from reduced employee turnover. The bill emphasizes the importance of competitive compensation in attracting and keeping skilled financial regulatory professionals and would take effect immediately upon passage.

Committee Categories

Labor and Employment

Sponsors (3)

Last Action

referred to governmental employees (on 02/10/2025)

bill text


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