March 30, 2003
The Business Council of New York State, whose membership includes almost 4,000 member firms as well as hundreds of chambers of commerce and professional trade associations, has reviewed the above mentioned legislation and opposes its enactment.
This bill would amend the Labor Law and require private sector employers with six hundred or more employees to annually offer a pre-retirement seminar for employees who are going to retire within three years. The Office of the Aging would recommend the contents of these seminars.
This bill is not necessary or appropriate because:
- Human Resource
Professionals within firms of this size and smaller are already routinely
involved in retirement planning with their employees or labor representatives,
in the case of firms with unionized employees. This may take the form of
group sessions or individual or family counseling based on the needs of
the employee and the capability of the employer. No one method is necessary
planning involves the integration of health & life insurance, social
security & medicare, traditional defined benefit pensions & 401k
type retirement plans as well as other estate planning topics. The employer
and employees or labor representatives are better left to the determination
of when retirement planning is done, who is to be included, on what timetable
and how the contents are to be shaped and presented.
- In existing retirement planning activities, employers invite a wide range of outside experts to be active participants in suggesting contents and presenting to interested employees and their families.
For these reasons,
The Business Council opposes this legislation and respectfully urges that
it not be reported by the Assembly Labor Committee.