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  1. #1
    Join Date
    Mar 2015
    Posts
    16

    Default Is Interest Owed on Withheld Compensation

    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

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Is Interest Owed on Withheld Compensation

    Although we are not able to investigate the facts for you, it would appear that the union negotiated a resolution that did not require the payment of interest.

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