Benefits January 3, 2012

CT Paid Sick Leave Law Takes Effect

January 3, 2012 (PLANSPONSOR.com) – A Connecticut law that guarantees workers the right to earn paid sick leave took effect on January 1.  
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The Mandatory Paid Sick Leave law requires certain businesses of 50 or more employees to provide a minimum of one hour of paid leave for every 40 hours an employee works.

The law was signed in July after both houses of the Connecticut state legislature passed the bill, despite efforts by the business lobby to defeat it. (See CT Mandates Paid Sick Leave for Service Workers).

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In addition to Connecticut, San Francisco, the District of Columbia and Seattle all have paid sick days laws in place and measures are also now under consideration for other states and cities. Also see San Francisco Voters to Ponder Sick Leave Measure, D.C. Lawmakers OK Paid Sick Leave Measure and  Seattle City Council Mandates Paid Sick Leave For Workers. 

Administration January 3, 2012

Conflicts Keep NYC Pension Fund from Taking Lead in MF Global Suit

January 3, 2012 (PLANSPONSOR.com) - New York City’s largest pension will not be lead plaintiff in a lawsuit to recover millions of dollars from bankrupt MF Global.
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The New York Post reports the pension board of the NYC Employees Retirement System overwhelmingly rejected a motion to become chief plaintiff in the MF Global securities-fraud class-action suit, citing Comptroller John Liu’s hiring of two top MF Global officers. Larry Schloss, the deputy who oversees the investments of the city’s $120 billion pension fund, served on MF Global’s board of directors before going to work for the comptroller, and Kevin Davis, MF Global’s CEO for a decade before Corzine took over, was a key official in the comptroller’s Bureau of Asset Management before stepping down.  

“We can’t be a lead plaintiff against MF Global when their top employees now work for us and will be grilled as witnesses,” said one insider familiar with the deliberations, according to the Post.  

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The city’s five pension funds, which lost as much as $9.6 million when MF Global went bust, will automatically be a plaintiff in the case.

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