New York A 5013: 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 federal compensation system

Bill Text

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A05013 Summary:

BILL NOA05013 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBronson

&nbsp

COSPNSRShimsky, Glick

&nbsp

MLTSPNSR

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&nbsp

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.

Go to top A05013 Actions:

BILL NOA05013 

&nbsp

02/10/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA05013 Committee&nbspVotes:

Go to topA05013 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05013 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5013

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 10, 2025
 ___________

 Introduced by M. of A. BRONSON, SHIMSKY, GLICK -- read once and referred
 to the Committee on Governmental Employees

 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

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The department of financial services, in consultation with
 2 the office of employee relations and the department of civil service, is
 3 hereby authorized and directed to conduct a comprehensive study on how
 4 the department of financial services may create a compensation system
 5 commensurate with the systems of similar federal financial regulators,
 6 taking into consideration the General Schedule (GS) payscale utilized by
 7 the federal government to determine the salaries of federal civilian
 8 employees. The purpose of this compensation system shall be to ensure
 9 pay parity between state and federal financial regulators within similar
 10 roles in order to increase recruitment and retention of said state
 11 employees.
 12 § 2. Within one year of the effective date of this act, the super-
 13 intendent of financial services, the office of employee relations and
 14 the department of civil service shall issue a report to the governor;
 15 the temporary president of the senate; the speaker of the assembly; the
 16 minority leader of the senate; and the minority leader of the assembly.
 17 Such study and report shall, at a minimum:
 18 (a) identify positions within federal financial regulators including,
 19 but not limited to, the Securities and Exchange Commission (SEC), the
 20 federal deposit insurance corporation, the federal reserve bank of New
 21 York, the consumer financial protection bureau and the Department of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05829-01-5

 A. 5013 2

 1 Treasury, that have similar roles or functions as positions within the
 2 New York state department of financial services;
 3 (b) formulate a proposed compensation system, or pay scale, that would
 4 foster pay parity between positions within the department of financial
 5 services and those positions within federal financial regulators that
 6 have been identified as similar;
 7 (c) identify possible alternatives to achieve pay parity between state
 8 and federal financial regulators in similar roles;
 9 (d) list possible alternatives to promote retention of individuals
 10 employed by the department of financial services; and
 11 (e) consider potential impact of increased retention and training
 12 savings associated with increased retention.
 13 § 3. This act shall take effect immediately.

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