My question involves labor and employment law for the state of: NY
I am a retired NYC employee. Because my union was working without a contract at the time of my retirement, the city withheld 10% of my gross monthly pension payment until a new contract was in place. Now, 3 years later, I have been finalized. Today, I received a letter stating the back amount owed me and when that amount will be deposited. Of course, the amount is taxable.
What I would like to understand is why New York City isn't required to pay interest to me on the money earned. They have, after all, earned interest on the money while it was withheld.
Can anyone provide a link with information on this subject?
Thank you.
Nick
I am a retired NYC employee. Because my union was working without a contract at the time of my retirement, the city withheld 10% of my gross monthly pension payment until a new contract was in place. Now, 3 years later, I have been finalized. Today, I received a letter stating the back amount owed me and when that amount will be deposited. Of course, the amount is taxable.
What I would like to understand is why New York City isn't required to pay interest to me on the money earned. They have, after all, earned interest on the money while it was withheld.
Can anyone provide a link with information on this subject?
Thank you.
Nick
Interest on Witheld Compensation
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