S T A T E O F N E W Y O R K
________________________________________________________________________
5013
2025-2026 Regular Sessions
I N A S S E M B L Y
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:
Section 1. The department of financial services, in consultation with
the office of employee relations and the department of civil service, is
hereby authorized and directed to conduct a comprehensive study on how
the department of financial services may create a compensation system
commensurate with the systems of similar federal financial regulators,
taking into consideration the General Schedule (GS) payscale utilized by
the federal government to determine the salaries of federal civilian
employees. The purpose of this compensation system shall be to ensure
pay parity between state and federal financial regulators within similar
roles in order to increase recruitment and retention of said state
employees.
§ 2. Within one year of the effective date of this act, the super-
intendent of financial services, the office of employee relations and
the department of civil service shall issue a report to the governor;
the temporary president of the senate; the speaker of the assembly; the
minority leader of the senate; and the minority leader of the assembly.
Such study and report shall, at a minimum:
(a) identify positions within federal financial regulators including,
but not limited to, the Securities and Exchange Commission (SEC), the
federal deposit insurance corporation, the federal reserve bank of New
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
Treasury, that have similar roles or functions as positions within the
New York state department of financial services;
(b) formulate a proposed compensation system, or pay scale, that would
foster pay parity between positions within the department of financial
services and those positions within federal financial regulators that
have been identified as similar;
(c) identify possible alternatives to achieve pay parity between state
and federal financial regulators in similar roles;
(d) list possible alternatives to promote retention of individuals
employed by the department of financial services; and
(e) consider potential impact of increased retention and training
savings associated with increased retention.
§ 3. This act shall take effect immediately.