For more than two years now, we’ve spoken and presented to various groups on New York’s Paid Family Leave Benefits Law (PFL), dozens, and dozens, and dozens of times. Like clockwork, one of the curious attendees would always ask whether PFL benefit payments would be taxable and whether PFL employee contributions would be pre- or post-tax deductions. Each time, we’d be forced to answer something along the lines of, “we don’t know yet— reasonable minds can disagree, and we are waiting on promised guidance on this from the state.” Well, throw that old answer out; we now know! The answers are the seemingly incongruous “taxable” and “post-tax.”
On October 3, 2012, Nationwide Mutual Insurance Company and its wholly-owned subsidiary Allied Property & Casualty Insurance Company experienced a data breach when a hacker exploited a vulnerability on the companies’ web application hosting software. This hack resulted in the compromise of the personal information of 1.27 million consumers, including social security numbers, driver’s license numbers, credit scoring information, and other data used to provide insurance quotes.
Few things have upended the world of cybersecurity regulation in the United States recently more than the new cybersecurity regulations issued by the New York State Department of Financial Services (“DFS”) in March of this year. Found in 23 N.Y.C.R.R. Part 500, these new regulations are sweeping in scope and reach far beyond the financial services sector in New York, affecting entities that support that sector as well as a number of other entities that may not have thought of themselves as governed, even in part, by DFS.
The Department of Financial Services (DFS) has issued a much-anticipated document setting the maximum employee contribution to pay for New York Paid Family Leave (PFL) at 0.126% of an employee’s weekly wage, up to the statewide average weekly wage. With a current average weekly wage of $1,305.92, this means that employee contributions will initially be capped at $1.65 per week.