The following is an update from State Comptroller DiNapoli during the Coronavirus Public Health Emergency.
We as a state and a nation face unprecedented challenges in the weeks ahead, but I would like to assure you that the Office of the State Comptroller continues to provide crucial services.
The circumstances we are all facing have been stressful, and we are all doing our best. I am proud of our staff which has gone above and beyond to make sure state employees continue to get paid, contracts are approved and over one million retirement system members and retirees are served. Additionally we have worked with Governor Cuomo to ensure that hundreds of millions of dollars in payments for emergency medical supplies, such as masks, gowns and ventilators, are made as quickly as possible.
While NYSLRS offices are currently closed to the public to ensure the safety of our members and staff, our employees are conducting telephone consultations, processing mail and applications, answering and returning phone calls and responding to emails. Retirement members and employers can do business with us remotely by using our secure portal, Retirement Online. Visit our website for other contact information.
Signing Up for Direct Deposit
Retirees are strongly urged to sign up for direct deposit instead of receiving a monthly pension check by mail. To enroll in direct deposit, complete the Electronic Funds Transfer Direct Deposit Enrollment Application. State employees should also sign up for direct deposit if they have not yet done so by contacting their agency payroll office and sending in this form.
Assisting Local Governments
Our division of local government and school accountability remains available to support municipalities and school districts as they deal with uncertain An Update from State Comptroller DiNapoli During the Coronavirus Public Health Emergency and other financial issues stemming from the local impact of the coronavirus. As part of that effort, this week I co-hosted a virtual town hall on Facebook with Ulster County Executive Pat Ryan on the implications of covid-19. We also released fiscal stress scores for villages and cities and several local audits.
Monitoring State Finances
This office issued our annual estimate of Wall Street bonuses, a key barometer the state uses to help estimate tax revenues for the coming year. The financial markets have been in chaos for the past few weeks but the average bonus paid to employees in New York City’s securities industry increased by 3 percent in 2019 to $164,100, boosting the state’s current cash flow. As a major source of revenue, the securities industry accounted for an estimated 17 percent of state tax collections in state fiscal year 2019 and 6 percent of city tax collections in city fiscal year 2019. Bonuses will not be as substantial next year.
If you need information on a 529 Savings account, NY ABLE account, or unclaimed funds, contact us as you normally would.
We are doing our best to handle our regular business with as little disruption as possible. We will continue to provide essential services for New York. We are in this together.