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What is a Defined Benefit Plan?
… may pay a set amount; or they may “match” all or part of what an employee contributes. Investments Contributions from … Risk Investment risk is pooled, so a market downturn does not affect benefits. Employee is responsible for all …
https://www.osc.ny.gov/retirement/members/defined-benefit-planDiNapoli: Report Finds Mixed Job Picture in Upstate NY
… New York lags behind downstate New York and the nation in job growth since the Great Recession, according to a … Thomas P. DiNapoli. Since June 2009, total employment in upstate New York rose by 0.3 percent compared to 2.2 percent in the downstate region and 1.9 percent nationwide during the …
https://www.osc.ny.gov/press/releases/2016/08/dinapoli-report-finds-mixed-job-picture-upstate-nyIII.9 Provisions for 15 Day Prompt Payment Interest Eligibility – III. Statewide Financial System (SFS)
… not listed above – regardless of the extent of electronic technologies involved in the system or method – do not meet … fax, text, SMS or any other method that necessitates manual reentry of invoice information into a financial …
https://www.osc.ny.gov/state-agencies/gfo/chapter-iii/iii9-provisions-15-day-prompt-payment-interest-eligibilityWall Street Profits Up in 2016
… news since the industry generates a significant amount of tax revenue for both the state and city budgets." Pretax profits for the broker/dealer operations of New York Stock Exchange member firms, the traditional measure of industry profitability, totaled $17.3 billion in 2016, the …
https://www.osc.ny.gov/press/releases/2017/03/wall-street-profits-2016DiNapoli Op-Ed: New York Needs to Boost Financial Education in Our Schools
… schools Young people in New York have a great knowledge of many subjects, but they have much to learn about personal … manage their finances and avoid falling into the trap of spiraling debt. According to a National Endowment for Financial Education 2022 report, 80% of those surveyed stated they wished they’d been required to …
https://www.osc.ny.gov/press/releases/2023/11/dinapoli-op-ed-new-york-needs-boost-financial-education-our-schoolsDiNapoli: State Pension Fund Investments Return 5.84% for State Fiscal Year 2024-25
… for investors that is likely to continue in the short term,” DiNapoli said. “The state pension fund’s sound management and long-term approach has weathered previous market ups and downs and …
https://www.osc.ny.gov/press/releases/2025/06/dinapoli-state-pension-fund-investments-return-584-state-fiscal-year-2024-25Big Flats Fire District #2 – Internal Controls Over Financial Operations (2012M-155)
… the rent amount will remain at $30,000 per year. The Board did not perform a cost-benefit analysis of this transaction …
https://www.osc.ny.gov/local-government/audits/fire-district/2013/01/30/big-flats-fire-district-2-internal-controls-over-financial-operations-2012mTown of Lockport – Asphalt Millings Inventory (2025M-55)
… [read complete report – pdf] Audit Objective Did the Town of Lockport (Town) Highway Superintendent (Superintendent) … during road paving projects that require a certain depth of the existing road to be milled and removed before the road … expensive than unscreened millings. We observed one pile of screened and one pile of unscreened millings behind the …
https://www.osc.ny.gov/local-government/audits/town/2025/11/26/town-lockport-asphalt-millings-inventory-2025m-55Annual Assessment of Market Orders for 2015 and 2016 (2018-S-44) 90-Day Response
To determine whether the Department of Agriculture and Markets (Department) had adequate procedures in place during the audit period to accurately report its...
https://www.osc.ny.gov/files/state-agencies/audits/pdf/sga-2019-18s44-response.pdfDiNapoli: NYC’s Restaurant, Retail and Recreation Sectors Continue to Struggle During Pandemic
… Thomas P. DiNapoli. The losses accounted for 41% of total private sector jobs lost in the city during the … “While communities across the nation felt the impacts of the pandemic on their restaurant, retail and recreation … demand, but policy makers should recognize that many of these businesses, particularly those in disadvantaged …
https://www.osc.ny.gov/press/releases/2022/01/dinapoli-nycs-restaurant-retail-and-recreation-sectors-continue-struggle-during-pandemicDiNapoli: Potential Changes in Federal Policies Pose Risks for New York City's Budget
… New York City projects a surplus of nearly $4.2 billion in FY 2017, the largest since FY 2008, … City’s financial outlook. The city faces the possible loss of hundreds of millions of dollars in federal funding and cuts to … New York City projects a surplus of nearly $42 billion in FY 2017 the largest since FY 2008 …
https://www.osc.ny.gov/press/releases/2017/08/dinapoli-potential-changes-federal-policies-pose-risks-new-york-citys-budgetDiNapoli: NYC Finances Strong But Slowing Economy Presents Risks
… savings and a drawdown in reserves. The FY 2018 budget gap has grown by $372 million since the beginning of the fiscal year to $2.3 billion, but the FY 2019 budget gap is unchanged at $2.9 billion. The city projects a budget gap of $2.7 billion for FY 2020. The gaps are relatively …
https://www.osc.ny.gov/press/releases/2016/02/dinapoli-nyc-finances-strong-slowing-economy-presents-risksDiNapoli: Wall Street Profits Surge Again, Giving New York a Fiscal Boost
… securities industry earned $30.4 billion in the first half of 2025, a faster pace than last year, when full year profits … year.” DiNapoli’s report uses a traditional measure of the securities industry’s performance by looking at the pretax profits of the broker/dealer operations of New York Stock Exchange …
https://www.osc.ny.gov/press/releases/2025/10/dinapoli-wall-street-profits-surge-again-giving-new-york-fiscal-boostCentral New York Regional Market Authority – Financial Condition (2024-18)
Determine whether the Central New York Regional Market Authority Board of Directors (Board) and officials effectively managed the Authority’s financial condition and planned for future capital and operational needs.
https://www.osc.ny.gov/files/local-government/audits/2024/pdf/central-new-york-regional-market-authority-2024-18.pdfCareer and Technical Education
… determine if the New York City (NYC or City) Department of Education (DOE) is aligning Career and Technical Education (CTE) programs at the high school level with … in the past as vocational, occupational, or practical arts education) provide students with academic and technical …
https://www.osc.ny.gov/state-agencies/audits/2021/05/20/career-and-technical-educationLong Island Association for AIDS Care, Inc.
… Purpose The objective of our examination was to determine whether the Long Island … for AIDS Care, Inc. (LIAAC) charged and the Department of Health AIDS Institute (Institute) reimbursed for appropriate expenses under the terms of contract C023121. We examined select expenses during the …
https://www.osc.ny.gov/state-agencies/audits/2014/09/30/long-island-association-aids-care-incThe Tourism Industry in New York City
… drivers that has been exacerbated by the pandemic. Mayor de Blasio has proposed a medallion relief plan, but the New …
https://www.osc.ny.gov/reports/osdc/tourism-industry-new-york-cityLong Island Experienced Gains in Farms and Farmland
… “Volatile commodity prices, labor pressures and extreme weather are adding to the unpredictability of farming that is … crops and measures to mitigate the effects of extreme weather events and hard to predict changes in seasonal weather patterns. While the state has adopted programs to …
https://www.osc.ny.gov/press/releases/2024/11/dinapoli-agriculture-report-reveals-economic-growth-and-challenges-facing-new-york-farms-long-islandDiNapoli: NYS Common Retirement Fund Rises to Estimated $180.7 Billion
… The New York State Common Retirement Fund’s (Fund) value grew to an estimated $180.7 billion in the first … had ended the state’s Fiscal Year 2014 on March 31 with a value of $176.8 billion. The net growth in the value of the fund … The New York State Common Retirement Funds Fund value grew to an estimated $1807 billion in the first quarter …
https://www.osc.ny.gov/press/releases/2014/08/dinapoli-nys-common-retirement-fund-rises-estimated-1807-billionDiNapoli Op-Ed in City & State: NY ABLE Celebrates Seven Year Anniversary
… of the NY ABLE program and efforts by his office to increase access to the program. The full op-ed is below: Seven years ago this … NY ABLE. The program helps individuals with disabilities to maintain health, independence and quality of life without … of the NY ABLE program and efforts by his office to increase access to the program …
https://www.osc.ny.gov/press/releases/2024/10/dinapoli-op-ed-city-state-ny-able-celebrates-seven-year-anniversary