IBANYS would like to welcome another new Member Bank to our roster! Watertown Savings Bank first opened in 1894. Today, the bank has nine offices and a dozen ATM locations.  

Since its inception over 100 years ago, Watertown Savings Bank's goal has been to conduct business in the best interest of the community. Bank leaders say that they "focus on person-to-person service, not service from a machine."  

Please help us in welcoming Watertown Savings Bank to IBANYS!

By Dan Valente, IBANYS Director of Government Relations

Last week, Governor Andrew Cuomo and the leaders of the state legislature were able to come to agreement on the majority of the legislative initiatives that were on tap for the 2012 session. In a marathon session, legislators passed a variety of bills in the early morning hours that will potentially pave the way for the first early state budget since 1983. The issues included redistricting reform, an "all crimes" DNA database, pension reform for public employees, the first step in legalizing gaming in New York State, and a new teacher evaluation policy.

Redistricting Reform

The Senate and the Assembly each agreed to introduce a resolution this session that will amend the state Constitution to establish a new redistricting process for both state legislative and congressional district lines. The separate statute discussed below requires the amendment to be passed a second time by both houses no later than January 30, 2013, at which point it will be placed on the ballot statewide for approval by the voters. The constitutional amendment will reform the redistricting process permanently beginning in the next cycle in 2020-22 when an independent, non-partisan commission will be responsible for creating the legislative lines following the 2020 census.

DNA Database

New York State became the first "all crimes" DNA database state in the nation, by requiring DNA samples to be collected from anyone convicted of a felony or Penal Law misdemeanor. In addition, the new law also significantly expands defendants' access to DNA testing and comparison both before and after conviction in appropriate circumstances, as well as to discovery after conviction where innocence is claimed.

Pension Reform for Public Employees

A new Tier 6 retirement plan will be implemented for new hires after April 1, 2012. The major initiatives of the new tier will include that new hires will contribute rates in a progressive fashion to ensure lower paid state and local workers are not seriously affected. Employee contribution rates will vary depending on salary. The pension reform law includes an increase in the retirement age from 62 to 63 as well as allows employees to be vested after 10 years of service. The new law also requires the state to pre-fund any pension enhancers, ensuring that these costs are no longer passed to local governments. Tier 6 changes the time period for final average salary calculation from 3 years to 5 years and will also introduce an optional defined contribution plan for new non-union employees with salaries $75,000 and above.

Resolution for Legalized Gaming

The Governor and the legislature announced an agreement to begin the process of amending the state constitution to allow casino gaming in New York. The Assembly and Senate must then pass legislation that begins the process of amending the state constitution, which will then be voted on by the next legislature and then need to be ratified by the people. The earliest a public referendum can be held is 2013.

Teacher and Principal Evaluations

The Governor and the legislature also agreed on legislation to implement teacher and principal evaluation systems into law. The new evaluation system is expected to provide clear standards and significant guidance to local school districts for implementation of teacher evaluations based on multiple measures of performance including student achievement and rigorous classroom observations. The legislation was required to establish a real and effective teacher evaluations as a condition of the $700 million granted through the federal Race to the Top program.

You can still register for our special full-day program on Enterprise Risk Management. The workshop is this upcoming Monday in Syracuse. It is designed to provide examples of a holistic, ongoing process to identify, measure, and control risk throughout the enterprise. Learn how to prioritize risk, define mitigation strategies and develop stress test alternative outcomes. 

What: Enterprise Risk Management program

When: Monday, March 26, 2012; 9:30am - 4:00pm 

Where: Doubletree Hotel, Syracuse

Cost: $139 - covers all meals, breaks, materials, speakers, etc.  

NOTE: You must register by  

FRIDAY, MARCH 23rd!   

Register here!