STAFF CONTACT :
The Business Council of New York State, whose membership includes over 4,000 member firms as well as hundreds of chambers of commerce and professional trade assocations, 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 or appropriate.
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 Labor Committee.