• New York State Adopts Restrictions on Executive Compensation and Administrative Expenditures by Service Providers
  • June 10, 2013 | Authors: Harold N. Iselin; David W. Oppenheim
  • Law Firms: Greenberg Traurig, LLP - Albany Office ; Greenberg Traurig, LLP - Florham Park Office
  • In January 2012, New York’s Governor unveiled a proposal to limit the State’s reimbursement to not-for-profit and for-profit service providers for the administrative costs and the compensation paid to executives. Approximately 16 months later, 13 State agencies announced final adoption of regulations that take effect July 1, 2013. (Despite this effective date, as is described below, many affected entities will not be required to comply with the restrictions until 2014 and will not have reporting obligations until 2015.)