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State pension reform approaching

From Business Today:

Cuomo

The local business community is getting behind a proposal by Gov. Andrew Cuomo. Cuomo's Tier VI pension reform aims to control state employee pension costs and save $123 billion over 30 years by limiting benefits for new hires. Andrew J. Rudnick, president and CEO of the Buffalo Niagara Partnership, and Heather C. Briccetti, president of the Business Council of New York State, came out in support of the plan Thursday, saying the reform is a good step toward getting the state into better financial shape and making the region more friendly to businesses. But not everyone is happy about it.

LakeShore

Profits slipped at Lake Shore Bancorp during the fourth quarter. The Dunkirk-based parent company of Lake Shore Savings Bank saw profits dip 34 percent. The decline is attributed to a $500,000 write-down for an investment the bank made in an unnamed payment processing startup. Profits were $587,000, or 10 cents per share, down from $895,000, or 16 cents per share,  during the same period last year.

Witkowski

Five Star Bank will eliminate its top executive position in retail banking, a position that paid $426,757 last year. The Warsaw-based Financial Institutions subsidiary attributed the move to improving the company's efficiencies. The duties filled by the former executive vice president of the bank and regional president for the bank's Western Region,John J. Witkowski, will now be doled out to other executives. Witkowski is a former NFL quarterback.

 

Cobb

Wegmans has issued a recall of hard-cooked eggs and prepared foods made with them. Eggs sourced at Minnesota-based Michael Foods were found to contain the bacteria that causes listeriosis, which can result in illness and death.

The eggs were sold hard-cooked, pickled and Kosher and also used to make prepared foods. Fresh eggs are not affected.

No illnesses have been reported associated with the recall.

 

Who is getting hired, promoted and honored?

 Happy Friday!

 

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