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Le Moyne’s athletic complex to get a $45 million overhaul
It’s a five-year project for the new Division I program SYRACUSE — Le Moyne College says it plans to renovate and expand its Thomas J. Niland Jr. Athletic Complex in a $45 million project spanning five years. The college also notes that it will use $12 million in state funding to help pay for the […]
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SYRACUSE — Le Moyne College says it plans to renovate and expand its Thomas J. Niland Jr. Athletic Complex in a $45 million project spanning five years.
The college also notes that it will use $12 million in state funding to help pay for the project. The planned expansion comes as the Le Moyne Dolphins just completed their first year in NCAA Division I athletics, as a member of the Northeast Conference, after previously competing in Division II. Colleges and universities often make significant facility upgrades when stepping up in class.
Besides improvements to Le Moyne’s existing facilities, the effort will include the addition of a track and field and tennis complex, a team community center including locker rooms and sports-medicine facilities, a strength and conditioning facility for student-athletes, and the addition of a new fitness center.
The Vincent B. Ryan, S.J. Pool will also undergo improvements as part of the project, Le Moyne said in its announcement.
The college notes that New York Assemblymember Pam Hunter (D–Syracuse) led the effort to secure a two-year, $10 million commitment from the state to “renew and expand” Le Moyne’s athletic facilities, which will be available to the community in addition to Le Moyne’s Division I athletes, students, and employees.
Hunter secured $5 million in capital funds this year to design and construct a tennis and track and field facility with another $5 million to follow in 2025 to renovate the Recreation Center and other public-facing facilities, Le Moyne said. In addition, New York State Senator John Mannion (D–Syracuse) secured $2 million for the project. Le Moyne is likely to use that funding to renovate the pool and supporting facilities, as well as other facilities that could be used by the public, per the announcement.
“As a neighbor of Le Moyne College, Pam Hunter understands the recreational desert that exists in the neighborhoods surrounding our campus,” Le Moyne President Linda LeMura said in the school’s announcement. “John Mannion has been an advocate for the vital role educational institutions play in supporting communities. We are extraordinarily grateful to both Pam and John for this funding, which follows the recent commitments Syracuse Mayor Ben Walsh and the Common Council have made to improving the Salt Springs neighborhood.”
LeMura also said that Le Moyne is raising private and corporate funds to complete the
$45 million project.
Hunter recognized other members of the Syracuse delegation for its support of this project including Assemblymembers Al Stirpe (D–Cicero) and Bill Magnarelli (D–Syracuse), and New York State Senator Rachel May (D–Syracuse) in addition to Mannion. Hunter also expressed her gratitude to Speaker of the Assembly Carl Heastie, whose support for this project allowed it to move forward.
The Le Moyne pool is currently used by a number of outside groups, including high schools, the Syracuse Chargers Swim Club, and others. Once the facilities are renovated and completed, the college will be offering free summer sports camps and other educational programs to neighborhood groups.
A number of entities have already indicated interest in using the new and upgraded facilities, including residents of Springfield Gardens and Swiss Village, Tillie’s Touch, Clear Path for Veterans, On Point for College, the North Side Learning Center, Elmcrest Children’s Center, as well as participants of Le Moyne’s ERIE21 program, the school said.
Binghamton aims to redevelop Collier Street parking lot
Developer proposals due in early October BINGHAMTON, N.Y. — Those interested in buying and redeveloping the property at 69 Collier St. in downtown Binghamton have until early October to submit a plan to the City of Binghamton. It’s the site of the former Collier Street parking ramp now operating
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BINGHAMTON, N.Y. — Those interested in buying and redeveloping the property at 69 Collier St. in downtown Binghamton have until early October to submit a plan to the City of Binghamton.
It’s the site of the former Collier Street parking ramp now operating as a surface-parking lot, the office of Binghamton Mayor Jared Kraham said in a May 10 announcement.
The city has issued a formal request for proposals (RFP) for redevelopment of the downtown site. Responses are due to Binghamton by 10:30 a.m. on Oct. 2.
The 0.8-acre parcel on the corner of Collier and State streets has served as a parking lot since 2016, when the city demolished the five-story parking ramp that had opened there in the 1960s. The Collier Street ramp had been permanently closed due to structural concerns prior to its demolition, Kraham’s office said.
“Imagine the potential to transform a key property in downtown Binghamton with a project that better serves residents and supports our nearby small businesses,” Kraham said. “We’re seeking creative ideas to get this property back on the tax rolls, create jobs, activate the streetscape and build on the momentum downtown Binghamton has seen in recent years.”
Through the RFP, the city is seeking proposals including — but not limited to — the development of a mixed-use building that responds to housing and commercial demands; provides streetscape improvements and supports a walkable downtown business district; maximizes new jobs and economic impact; and incorporates 21st century, sustainable building practices and smart growth principles, per Kraham’s office.
The office went on to say that “preferred proposals” will display a proven ability to provide “creative and inclusive” land use and development strategies, increase Binghamton’s tax base by returning the site to the tax rolls, and create permanent job opportunities for Binghamton residents.
A full copy of the RFP can be found on the city’s website (www.binghamton-ny.gov/Home/Components/RFP/RFP/266/90).
New York closed, pending home sales rise in April
ALBANY, N.Y. — New York realtors closed on the sale of 7,155 previously owned homes in April, up 1.5 percent from the 7,046 existing homes they sold in April 2023. Pending sales climbed more than 6 percent in April, pointing to further increases in closed home sales in the next couple months, according to the
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ALBANY, N.Y. — New York realtors closed on the sale of 7,155 previously owned homes in April, up 1.5 percent from the 7,046 existing homes they sold in April 2023.
Pending sales climbed more than 6 percent in April, pointing to further increases in closed home sales in the next couple months, according to the April housing report that the New York State Association of Realtors (NYSAR) issued on May 22.
“Home sales and new listings showed new life, rising across the Empire State in April, despite mortgage rates exceeding seven percent for the first time this year,” NYSAR said to open its housing report.
NYSAR cited Freddie Mac as indicating mortgage rates exceeded 7 percent in April for the first time in 2024. Interest rates peaked at 7.17 percent in April, settling on an average monthly rate on a 30-year fixed-rate mortgage of 6.99 percent. A year ago at this time, the interest rate stood at 6.34 percent. Freddie Mac is the more common way of referring to the Virginia–based Federal Home Loan Mortgage Corporation.
Pending sales totaled 9,946 in April, a rise of 6.3 percent compared to the 9,357 pending sales in the same month in 2023, according to the NYSAR data.
New listings jumped an even 10 percent to 13,725 this April from 12,481 in the year-ago month.
The months’ supply of homes for sale at the end of April stood at 2.8 months, down from 2.9 months’ supply at the end of April 2023, per NYSAR’s report. A 6-month to 6.5-month supply is considered a balanced market, the association stipulates.
The inventory of homes for sale across New York state totaled 25,524 in April, a decline of 9.4 percent compared to the April 2023 inventory figure of 28,179.
Amid the still tight inventory, home prices continued to rise in the Empire State. The April 2024 statewide median sales price hit $413,750, up 9.5 percent from the April 2023 median sales price of $378,000.
All home-sales data is compiled from multiple-listing services in New York, and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
Rock City Development looks to lift Little Falls community
LITTLE FALLS — From housing to future leaders, Rock City Development is going all in on Little Falls, investing in the community to build its future. Rock City Development said it was formed in 2018 as a partnership between local business leaders, vested in the community, who envisioned a management company that would acquire, develop,
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LITTLE FALLS — From housing to future leaders, Rock City Development is going all in on Little Falls, investing in the community to build its future.
Rock City Development said it was formed in 2018 as a partnership between local business leaders, vested in the community, who envisioned a management company that would acquire, develop, and grow complementary businesses in the Little Falls area. That includes operating a number of businesses in the community, as well as several housing projects in the works or planned for the near future.
The notable Stone Mill building near the Erie Canal was one of the first acquisitions that Rock City Development made, recalls Neil Rosenbaum, company president.
The first floor of the building is home to a UPS Store, also owned by Rock City, along with Mangia Macrina’s Wood Fired Pizza and Just Dance Studio, while Northstar Recycling rents the entire second floor. The Inn at Stone Mill, which offers nine rooms and a conference room, occupies the third floor.
Last fall, Rock City held a grand reopening event to unveil The Venue, an event space it opened on the renovated fourth floor of the Stone Mill building.
“That was completely vacant,” Rosenbaum says of the space, which also houses Timeless Salon & Brial, Inter Light Transformation Coaching and Craniosacral Therapy with Kelly, Root Cause Wellness, and Tina Maria Interiors. Daneli Partners, the leadership-development arm of Rock City Development, also maintains offices on the fourth floor of the mill building, which was built in 1839 and once served as a textile mill.
“We’re having a lot of events in the event center which is bringing people to the area,” Rosenbaum says. “It overlooks the river. It’s just absolutely stunning.”
Rock City Development also owns and operates the nearby Canal Side Inn and along with the Little Falls UPS Store, operates UPS locations in Amsterdam, Rome, and a newly opened one in downtown Syracuse.
The company also includes Rock City Construction, LLC and landscaping and lawn-maintenance company Rock City Services, LLC. A partnership with Nexamp developed a 2-megawatt community solar project that will provide power for up to 300 homes.
“We have a living laboratory,” Rosenbaum says of the various business enterprises. They help the company provide not only jobs but opportunities to build a career as Rosenbaum and his business partner, CEO David Casullo, mentor their employees.
The ultimate goal, he says, is for those employees to eventually become owners — either of some of the Rock City subsidiaries or businesses of their own design.
Casullo, who grew up in Little Falls, is on a mission to mentor people. “We recall the types of people who impacted us growing up,” he says. Now it’s time to pay it forward to the next generation.
Through Daneli Partners, that mentoring is being provided to area residents and businesses, and even to more than 7,000 students through appearances at 19 area schools, he says.
“All of this together is really making a difference,” Casullo says. Eventually, the business partners hope to build a leadership institute in the area, providing development education to even more people.
Another mission at Rock City Development is providing housing opportunities in Little Falls. It has already developed Overlook Ridge, a single-family home community on the hills overlooking the city and is at work on several other projects.
Partnering with Philadelphia–based Pennrose Management Co., Rock City Development plans to transform the M&T Bank building into senior living with 67 one-bedroom apartments — a project included in the city’s Downtown Revitalization Initiative.
“There is a large number of elderly in the city that are locked into homes that are too big, too expensive, and in need of major repair,” Rosenbaum says. “There are no quality options for them.”
The second project it hopes to develop is a 138-unit apartment building with one-bedroom, two-bedroom, and three-bedroom units on the northwest side of the city.
Rock City Development is providing community education on the projects and hopes to move forward with both projects in 2025 — with financing in place by mid-year and construction underway by the end of the year.
New York State unveils Youth Workers Bill of Rights
New York State unveiled its first ever Youth Workers Bill of Rights, part of a state effort to bolster protections for the state’s youngest workers, just as they get ready to seek out summer jobs, Gov. Kathy Hochul recently announced. The Youth Workers Bill of Rights aims to educate first-time workers as they prepare to
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New York State unveiled its first ever Youth Workers Bill of Rights, part of a state effort to bolster protections for the state’s youngest workers, just as they get ready to seek out summer jobs, Gov. Kathy Hochul recently announced.
The Youth Workers Bill of Rights aims to educate first-time workers as they prepare to enter the labor market by explaining the rights of all New York workers as well as the protections in place specific to workers under age 18.
Young workers will receive a copy of the bill of rights along with their working papers. Additional formats are available including a print pocket guide and downloadable poster for schools and career centers.
The bill of rights is also available online at the New York State Department of Labor’s new Youth Worker Information Hub at dol.ny.gov/youthworkers. The hub is an educational resource for young people entering the workforce and contains information about how many working hours are permitted during the school day, a list of prohibited occupations, how youth can be sure they are being paid the correct minimum wage, and more.
“Every worker in our state deserves a fair, safe work environment, especially our young people,” Hochul said in a statement. “My administration is taking action to ensure our youngest workers feel empowered, protected, and well-informed, and by fulfilling my State of the State commitment to creating our first-ever Youth Workers Bill of Rights, we are continuing to make strides toward making New York the safest and most worker-friendly state in the nation.”
Some of the key information outlined in the bill of rights includes listing the minimum wage, requirements for a safe and discrimination-free workplace, and noting that workers should be able to file a complaint against an employer without any fear of retaliation.
“This comprehensive document educates young people about their rights in the workplace and equips them with the knowledge and tools to address violations of their labor rights,” New York State Department of Labor Commissioner Roberta Reardon said. “By outlining clear guidelines and standards, the Youth Workers Bill of Rights aims to empower young workers and raise awareness about their rights as valuable members of the workforce.”
The Youth Workers Bill of Rights follows the Protect Youth Workers Pledge for businesses that launched in 2023. By taking the pledge, businesses affirm they will consider the safety and wellbeing of minors, report suspected child-labor violations to the Child Labor Taskforce, and have educated their employees on labor rights and signs of labor trafficking.
The measures come after a reported 68 percent increase in reports of child-labor violations in 2022. Since 2023, the state Labor Department’s labor standards team has conducted more than 300 targeted inspections at businesses employing youth workers including food service, retail, and seasonal businesses. The inspections uncovered numerous violations related to employment certificates, prohibited hours, and posting of hours, the department says.
VIEWPOINT: OSHA Issues Final Rule on HazCom Standard
On May 20, 2024, the Occupational Safety and Health Administration’s (OSHA) announced a final rule updating the Hazard Communication Standard (HCS). The amended rule (29 CFR 1910) better aligns with the United Nations’ Globally Harmonized System of Classification and Labelling of Chemicals (GHS). The HCS requires employers to provide information to their employees about the
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On May 20, 2024, the Occupational Safety and Health Administration’s (OSHA) announced a final rule updating the Hazard Communication Standard (HCS). The amended rule (29 CFR 1910) better aligns with the United Nations’ Globally Harmonized System of Classification and Labelling of Chemicals (GHS).
The HCS requires employers to provide information to their employees about the hazardous chemicals to which they are exposed, by means of a hazard-communication program, labels and other forms of warning, safety data sheets (SDSs), and information and training, also known as the “right-to-know” regulation.
The amended rule (1) revises criteria for classification of certain health and physical hazards; (2) revises provisions for updating labels; (3) provides new labeling provisions for small containers; and (4) provides new provisions related to trade secrets and technical amendments related to the contents of SDSs, including requiring a specified 16-section format for SDSs. The updated standard makes changes to help ensure trade secrets no longer prevent workers and first responders from receiving critical hazard information on SDSs. Employers who use chemical products that have SDSs will also have to update their training and chemical hazard communication programs for workers.
While the regulation goes into effect on July 19, 2024, OSHA is giving chemical manufacturers, importers, and distributors from Jan. 19, 2026 to July 19, 2027, to comply with the new rules, depending on if they are evaluating substances or mixtures.
Employers using products covered under the standard must update their HazCom programs, labeling and employee training by July 20, 2026, or Jan. 19, 2028 — again, depending on substances or mixtures. Until those dates, employers and chemical manufacturers, distributors and importers can comply with either the old or new standard — or both — during the transition period.
Michael D. Billok is a member (partner) in the Saratoga Springs and Albany offices of the Syracuse–based law firm of Bond, Schoeneck & King PLLC. Contact him at mbillok@bsk.com. Rebecca J. LaPoint is an associate attorney in Bond’s Albany office. She is a is a management-side labor and employment attorney, serving employers in all aspects of labor and employment law, including employment litigation and counseling. Contact LaPoint at rlapoint@bsk.com.
DiNapoli releases report on IDA activity across the state
Industrial development agencies (IDA) across the state helped spur 4,320 projects valued at $132 billion in 2022, an increase of 5 percent over 2021, according to a recent report from New York State Comptroller Thomas P. DiNapoli. However, that development can come at a cost to local communities, he warned, as those projects combined received
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Industrial development agencies (IDA) across the state helped spur 4,320 projects valued at $132 billion in 2022, an increase of 5 percent over 2021, according to a recent report from New York State Comptroller Thomas P. DiNapoli.
However, that development can come at a cost to local communities, he warned, as those projects combined received more than $1 billion in net tax exemptions.
“IDAs were created to help grow local economics, businesses, and job markets,” DiNapoli said in a statement. “The tax breaks they provide businesses can impact local tax collections, however, and New Yorkers should be mindful about weighing the benefits these projects bring to their communities against the cost. My office reports the numbers on local IDAs to help increase their transparency and make them more accountable to taxpayers.”
According to DiNapoli’s report, the number of active projects has remained relatively stable since 2012, but the reported project values have steadily increased.
County IDAs were responsible for 61.8 percent of all active IDA projects, followed by town IDAs at 17.7 percent, city IDAs at 12.7 percent, New York City at 7.2 percent, village IDAs at 0.5 percent, and city-town IDAs at 0.2 percent.
The report found that the 4,320 active IDA projects would create an estimated 213,887 jobs during their lifespan with a median salary of $42,000. Another 224,234 existing jobs would be retained with a median salary of $45,430. The projects would create an estimated 36,607 temporary construction jobs.
The number of net jobs gained in 2022 totaled 204,147, an increase of 15.2 percent over 2021 job numbers.
The total tax exemptions for IDA projects in 2022 amounted to nearly $2 billion, up $63 million from 2021 figures. Property-tax exemptions represented $1.7 billion, or 87.5 percent, of the total tax exemptions.
Payment in lieu of taxes (PILOT) agreements collected almost $854 million in 2022, lowering the net tax exemptions to $1.1 billion, up 4.3 percent from 2021.
Net tax exemptions tended to run higher downstate, with IDAs in New York City, Long Island and Mid-Hudson regions together totaling 57.6 percent of the total.
IDAs reported total revenues of $123 million, down $9.3 million from 2021. Charges for services accounted for
53.8 percent of reported revenues.
Total IDA expenses decreased $3.5 million to $76 million in 2022. Regionally, IDAs in the Finger Lakes region reported the highest expenses at $12.5 million while those in the Mohawk Valley had the lowest at $3 million.
The Finger Lakes led the state with 66 new projects approved in 2021 or 2022, followed by Western New York with 50 projects, and Mid-Hudson with 47 new projects. Statewide, IDAs reported 336 new projects.
The number of clean-energy projects increased by nearly 53 percent from 85 projects in 2021 to 130 projects in 2022.
DiNapoli’s report summarizes the most recent annual data, which is self-reported by IDAs through the Public Authorities Reporting Information System. The data is not independently verified by DiNapoli’s office. Most IDAs operate on a calendar-year basis, with a few exceptions including the New York City IDA.
His office examines IDA costs and outcomes in several ways including performing audits of the operations of individual IDAs, providing training for IDA officials on various topics, and encouraging improvements in IDA procedures and reporting.
DiNapoli’s full report is available online at https://www.osc.ny.gov/files/local-government/publications/pdf/ida-performance-report-2024.pdf?utm_medium=email&utm_source=govdelivery.
Broome County launches new grant program to help small businesses
BINGHAMTON, N.Y. — Small businesses are often overlooked when it comes to funding programs, and Broome County is hoping to change that with its new Broome County Small Business Development Grant program. Representatives of the county and The Agency, which will administer the program, announced it on June 4. Fueled by $500,000 in American Rescue
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BINGHAMTON, N.Y. — Small businesses are often overlooked when it comes to funding programs, and Broome County is hoping to change that with its new Broome County Small Business Development Grant program.
Representatives of the county and The Agency, which will administer the program, announced it on June 4.
Fueled by $500,000 in American Rescue Plan Act (ARPA) funds, the program will provide one-time grants of between $5,000 and $50,000 for businesses with 200 or fewer employees. It’s a reimbursement grant program, which means the businesses must first spend the money and then request reimbursement.
The grant funds will cover initiatives including purchasing furniture, fixtures, machinery, equipment, or real estate along with real-estate improvements and working-capital needs for things like inventory, payroll, and other operational expenses. Sole proprietors are eligible if the grant could result in the expansion of their product or service.
“Small businesses are incredibly important to Broome County,” County Executive Jason Garnar said at a June 4 press conference that was also livestreamed on The Agency’s Facebook page. “Small businesses also need this kind of help.”
Those businesses are still working to recover from the pandemic and are struggling with the current high interest rates that make borrowing prohibitive. “I think this program is going to help fill in some of that gap financing,” Garnar said.
Applications for the grant program opened on June 5, and funds will be awarded on a rolling basis as the applications are approved. Applicants must provide supporting documentation, and the Broome County Local Development Corporation board will review all applications. The Agency, which administers the program, is the lead economic-development organization for Broome County and governs both the Broome County Industrial Development Agency and the Broome County Local Development Corporation.
Some of the criteria for evaluating applications includes how the project will help the business expand its operations or services, the number of jobs the funding would help create or retain, project readiness, and the eligibility of expenses.
The program is for established businesses and prioritizes businesses that employ low-income to moderate-income workers, minority and women-owned enterprises, veteran-owned businesses, and businesses located within low-income rural communities. The vetting process will include a look-back at several years of financials, Duncan noted. Recipients must maintain or add at least one full-time position.
“We know how important it is to be able to have those funds to grow your business,” said Stacey Duncan, CEO of the Leadership Alliance, which includes The Agency. “Costs are high, and we have to do what we can.”
Garnar said using ARPA funds to launch the program just makes sense as many small businesses are still struggling to recover, and the money is there to help. “It’s a really good use of the funds,” he said.
Unlike a loan program, the funds won’t be replenished, he noted, but The Agency and the county will evaluate the response to the program and assess whether some sort of continuing program is warranted.
“We think there is a lot of need for a gap program like this,” Duncan said.
Many small businesses don’t have access to grant opportunities, Broome County Legislature Chairman Daniel Reynolds said. That’s why it was important the program did not include a matching funds requirement.
“Sometimes that’s a barrier to small business, too,” he said. Businesses have put off projects because they don’t have funds available, he said, and a matching component would be a deterrent.
The goal of this program is to make it possible for small businesses to take the next step necessary to either grow or to just be able to continue operations, Reynolds said. Ultimately, the hope is that the businesses participating will be able to grow and add jobs.
More information about the new grant program and the application are available on The Agency’s website at theagency-ny.com/economic-development-resources.
Survey: Workers’, retirees’ confidence hasn’t recovered from drop in 2023
Majorities remain optimistic about retirement prospects Workers’ and retirees’ confidence has not yet fully recovered from the “significant drop” measured in 2023, but majorities remain optimistic about their retirement prospects and the lifestyle they envisioned. That’s according to the 34th annual Retirement Confidence Survey (RCS), which was published on April 25. RCS
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Workers’ and retirees’ confidence has not yet fully recovered from the “significant drop” measured in 2023, but majorities remain optimistic about their retirement prospects and the lifestyle they envisioned.
That’s according to the 34th annual Retirement Confidence Survey (RCS), which was published on April 25. RCS is the longest-running survey of its kind measuring worker and retiree confidence and is conducted by the Employee Benefit Research Institute (EBRI) and Greenwald Research, both of Washington, D.C.
“Overall, two-thirds of the workers and three-fourths of the retirees are very or somewhat confident about having enough money to live comfortably in retirement, which is unchanged from 2023. The survey also shows that workers and retirees are confident that government programs such as Social Security and Medicare will provide benefits of equal value to today and believe they understand the Social Security program,” Craig Copeland, director of wealth-benefits research at EBRI, said in the survey report. “Confidence is similar across all ages. But, in some cases, younger workers are actually more confident in certain aspects of retirement. For generation specific results, Boomers and Millennials reported higher confidence in having enough money to live comfortably throughout retirement than Gen Xers.”
The 2024 survey of 2,521 Americans (1,255 workers and 1,266 retirees) was conducted online from between Jan. 2 and Jan. 31 of this year. All respondents were ages 25 or older and were prompted to respond to questions about retirement confidence, financial health and concerns, retirement savings and preparation, health care in retirement, workplace savings, retirement income, transition to retirement, and trusted sources of information.
“Workers and retirees are also concerned that their retirement could be impacted by the U.S. government making changes to the American retirement system. In fact, 79% of workers and 71% of retirees have this concern,” Lisa Greenwald, CEO of Greenwald Research, said in the EBRI report. “Inflation’s impact on their retirement also remains a concern among workers and retirees.”
Workers’ and retirees’ confidence has not yet fully recovered from the significant drop measured in 2023, but majorities remain optimistic about their retirement prospects.
1. Americans’ confidence has not returned to prior levels, but the survey found signs that it is “making a positive recovery” as 68 percent of workers and 74 percent of retirees are confident they will have enough money to live comfortably throughout retirement. However, it’s “not a significant increase” from last year, EBRI noted.
Perhaps contributing to the positive trend upward is workers’ and retirees’ increased confidence in their income. EBRI cites the U.S. Census as indicating wage growth is now outpacing inflation growth. Americans are starting to feel this shift as 28 percent of workers and 32 percent of retirees who are confident feel that way due to their finances. However, inflation remains as a top reason for Americans’ lack of confidence.
Among those who do not feel confident, 31 percent of workers and 40 percent of retirees cite inflation as the reason why. Additionally, 39 percent of workers and 27 percent of retirees who are not confident feel this way due to their lack of savings.
2. Social Security remains the top source of actual and expected income for Americans in retirement.
Most workers (88 percent) expect Social Security to be a source of income in retirement. Retirees confirm this sentiment as nearly all (91 percent) report Social Security as a source of income. The survey additionally found that 62 percent of retirees report Social Security is a major source of income, while only 35 percent of workers expect it to be a major source of income.
Most Americans expect/report Social Security as a source of income in retirement, but fewer understand it; those who do understand it are a “clear majority,” EBRI said. Two-thirds of workers and three-quarters of retirees understand Social Security and the various employment and claiming decisions that impact their retirement benefits at least somewhat well.
While most claim they understand Social Security, fewer than half of workers have reviewed the amount of their Social Security benefits at their planned retirement age, and 59 percent have thought about how the age at which they claim Social Security will impact the amount they receive.
Expectedly, “significantly more” retirees than workers have completed either task, with 77 percent having undertaken each.
3. Workers expect to claim Social Security as soon as they retire, but also expect to work for pay in retirement.
Workers believe they will start claiming Social Security benefits at a median age of 65, which is the same age workers expect to retire. While age 65 has been the historical median age workers expect to retire, significantly more workers (28 percent) this year expect to retire at age 65.
Retirees, on the other hand, report retiring at a significantly lower age than workers anticipate. Most retirees, 7 in 10, report retiring earlier than age 65, with a median retirement age of 62. Also contradicting workers’ expectations, retirees report collecting Social Security later into their retirement but earlier than workers’ expectations at around age 64. Similar to last year, half of retirees say they retired earlier than expected.
Two in five retirees who retired early say they did so because they could afford to, but nearly seven in 10 retirees indicate the reason was “out of their control,” EBRI said.
4. Americans’ retirement calculations result in a desire to save more, as estimations drastically differ from what Americans currently have.
Half of Americans have tried to calculate how much money they will need in retirement. In reaction to their calculation, 52 percent of workers and 44 percent of retirees started to save more. Even though seven in 10 workers and nearly eight in 10 retirees have saved for retirement, this renewed interest in saving is spurred by the “drastic difference” in what Americans believe they will need for retirement compared to how much they currently have saved, EBRI said.
A third of workers who tried to calculate how much they will need in retirement estimate they will need $1.5 million or more. However, a third of workers currently have less than $50,000 in savings and investments. In addition, 14 percent of workers have less than $1,000 in savings and investments.
As part of their retirement preparations, half of the workers have estimated how much income they will need each month in retirement. One quarter of workers do not know how much pre-retirement income they will need to replace in retirement, but an additional quarter of workers believe they will need to replace 75 percent or more of their pre-retirement income.
5. Workers would like help in saving for emergencies through their retirement plan. Two-thirds of workers and almost three-quarters of retirees believe they have enough savings to handle an emergency expense. Additionally, almost half of workers have planned how they will cover an emergency expense in retirement.
However, the ability to save for emergencies is at the top of workers’ list of valuable improvements they would like to see be made to their retirement-savings plan. Some Americans are already using their retirement plans to pay for emergencies as nearly one in five have taken a loan or withdrawal from their retirement plan.
Many of those who took money from their plan did so to pay for unforeseen circumstances such as making ends meet (30 percent), paying for a home or car repair (17 percent), and covering a medical expense (15 percent).
6. Workers are more likely this year to want to purchase a guaranteed income product with their retirement savings.
Among workers who are offered a workplace retirement-savings plan, one-third believe having investment options that provide guaranteed lifetime income to be the most valuable improvement to their plan, EBRI said.
This landed second on workers’ list of most valuable improvements to their plan. Significantly up this year, more workers who are contributing to their employer’s retirement savings plan, 3 in 10, expect to use savings from their workplace retirement-savings plan to purchase a product that guarantees monthly income for life once they retire.
This is substantiated by the fact that 83 percent of workers who are participating in a workplace retirement plan would be interested in using some or all of their retirement savings to purchase a product that guarantees monthly income.
7. While expenses in retirement are higher than some retirees originally anticipated, retirees’ lifestyle in retirement is better than they expected.
Significantly up this year, over one-third of retirees say their travel, entertainment, or leisure expenses are higher than they expected. Half of retirees say their overall expenses in retirement are higher than they originally expected, but nearly four in five say they are able to spend money how they want within reason.
Despite higher-than-expected costs, significantly more retirees this year, three in 10, believe their overall lifestyle in retirement is better than expected. Additionally, over two-thirds of retirees agree they are having the retirement lifestyle they envisioned. A quarter of retirees strongly agree with this statement.
SU student-athletes, area eateries to benefit from NIL program
SYRACUSE — From now through Aug. 1, some Syracuse–area independent restaurant owners are giving patrons the chance to “round up” their bill to benefit SU student-athletes. Onondaga County Executive Ryan McMahon announced the partnership with Syracuse University (SU) Athletics on May 30. Surrounded by local restaurant owners, McMahon made the announcement outside the John A.
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SYRACUSE — From now through Aug. 1, some Syracuse–area independent restaurant owners are giving patrons the chance to “round up” their bill to benefit SU student-athletes.
Onondaga County Executive Ryan McMahon announced the partnership with Syracuse University (SU) Athletics on May 30.
Surrounded by local restaurant owners, McMahon made the announcement outside the John A. Lally Athletics Complex on Syracuse’s South campus. SU men’s basketball coach Adrian Autry and SU football coach Fran Brown both attended the announcement.
Patrons at participating restaurants will have the opportunity to “round up” when paying the bill, McMahon said.
“And whether you’re rounding up to the dollar or rounding up with a couple of dollars, that would be the patron’s choice,” he noted.
The extra dollars and cents would benefit Orange United, and the student-athletes involved in the NIL program. Syracuse University (SU) Athletics back in September unveiled Orange United, which the school describes as the “preferred” NIL collective for Syracuse student-athletes to leverage their name, image, and likeness (NIL) opportunities to earn money. Orange United is “powered” by Atlanta, Georgia–based Student Athlete NIL, or SANIL, SU said in its announcement.
NIL is playing a major role in college sports recruiting these days with most universities deploying collectives to help compete as the average NIL deal needed to attract high-level recruits to commit to a university continues to rise in value.
The initiative also seeks to benefit area restaurant businesses and the local economy and community.
“Syracuse Athletics drives the hospitality industry,” McMahon said. “Coach Autry knows this and Coach Brown is learning this, when we are doing well in Syracuse athletics, the mental health of this community is much better.”
Some of the participating restaurants in the pilot program include Apizza Regionale; Emerald Cocktail Kitchen; Kitty Hoynes; Scotch ‘N Sirloin; Noble Cellar; King David’s Restaurant; Middle Ages Brewing Company; San Miguel Mexican Bar & Grill; Trappers II Pizza & Pub; The Taphouse on Walton; Buried Acorn; Pavone’s Pizza; and Willow Rock Brewing Company.
The program begins June 1 and continues through Aug. 1, Mark Hayes, general manager of Orange United, said in his remarks at the Thursday morning announcement.
“We want to drive awareness. We want to drive foot traffic to these local establishments … and also supporting the mission to help our student-athletes,” Hayes added.
He also noted that selected SU student-athletes will provide their own engagement with the restaurants involved, including social-media posts and meet-and-greet events.
In answering questions from local reporters, McMahon also acknowledged that Onondaga County operates on sales taxes and could generate increased revenue as a result of the initiative.
“Every service we provide this community is driven by sales tax,” McMahon said. “[It’s a] $1.5 billion operation … our property taxes only make up about $150 million of the $1.5 billion. Everything else is from consumer spending. We need a competitive entertainment infrastructure.”
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