THE STATE EDUCATION DEPARTMENT / THE UNIVERSITY OF THE STATE OF NEW YORK / ALBANY, NY 12234

 

TO:

Full Board

FROM:

Johanna Duncan-Poitier

SUBJECT:

Appointment to the State Teachers’ Retirement Board

DATE:

June 16, 2006

STRATEGIC GOAL:

Goal 3

AUTHORIZATION(S):

 

 

SUMMARY

 

Issue for Consent Agenda

 

Appointment of a new member to the State Teachers’ Retirement Board

 

Reason(s) for Consideration

 

Required by State Statute.
         

Proposed Handling

 

Approval.

 

Procedural History

 

Appointment of a member to this position on the Retirement Board requires approval by the Board of Regents. Education Law, section 504(2), provides that:

 

          “One member who is not an employee of the state, who shall have

been an executive officer of a bank authorized to do business in this state,           elected by the Board of Regents of the University of the State of New York

to serve for a term of three years.”

 

Background Information

 

Richard F. Lindstrom has resigned from the New York State Teachers’ Retirement System Board, effective June 30, 2005. His term of office was due to expire on May 6, 2007. I am recommending Daniel J. Hogarty, Jr., to fulfill Mr. Lindstrom’s unexpired term. Mr. Hogarty serves as Vice Chairman and Director of the First Niagara Financial Corporation. He is the former Chairman, President, and Chief Executive Officer of Troy Financial Corporation; and President, Chief Executive Officer, and Director of The Troy Savings Bank. His resume is attached.

 

Recommendation

 

VOTED: That Daniel J. Hogarty, Jr., be appointed to the New York State Teachers’ Retirement System Board for a term beginning July 1, 2005 and ending May 6, 2007.

 

Timetable for Implementation

 

Mr. Hogarty’s term would be effective immediately upon appointment.

 

 

 

Attachment

DANIEL J. HOGARTY, JR.

Vice Chairman & Director

First Niagara Financial Group

 

 

            Mr. Hogarty began his banking career in 1964 at First Trust Company of Albany, the predecessor of Bankers Trust Company of Albany, which was acquired by First American Bank of New York in 1984.

 

            At present, Mr. Hogarty is serving as Vice Chairman of the Board of Directors of First Niagara Financial Group.  He is the former Chairman, President & Chief Executive Officer of Troy Financial Corporation as well as the President, Chief Executive Officer and Director of the Troy Savings Bank.  Mr. Hogarty was elected President and a Trustee of the Troy Savings Bank in 1985 and became President & Chief Executive Officer in 1987, remaining in that capacity until the bank was acquired by First Niagara Financial Group in January 2004.

 

            Mr. Hogarty is Director, Treasurer and Chairman of the Finance Committee of the University at Albany Foundation; and Director of the New York Business Development Corporation, Troy Municipal Assistance Corporation, The Arsenal Partnership, United Way of Northeastern New York and Rensselaer County ARC Foundation.  Mr. Hogarty is President & Director of the Troy Savings Bank Charitable Foundation and the Troy Savings Bank Music Hall Foundation.

 

            Appointed by Governor Mario M. Cuomo in 1992, Mr. Hogarty served as a member of the State of New York Banking Board until 1997. Appointed by Governor Cuomo in 1994, Mr. Hogarty served on the Board of Trustees of Hudson Valley Community College until 2001, serving as Chair of the Finance Committee during his tenure.  Mr. Hogarty also served as a member of the Boards of Trustees of The Sage Colleges, Maria College and LaSalle Institute, LaSalle for Boys, and the Board of Directors of the Center for Economic Growth and The Community Hospice.

 

            In 1995, Mr. Hogarty was appointed a member of the Troy Municipal Assistance Corporation (MAC) by Senator Joseph L. Bruno and continues to serve in that capacity.

 

            In 1996, Mr. Hogarty was appointed by Governor George E. Pataki a member of the Board of Directors of the New York Business Development Corporation and continues to serve in that capacity.

 

            In 1997, Mr. Hogarty was appointed by Governor George E. Pataki a trustee of the Savings Banks Life Insurance Fund and served until June 2001.

 

            In 2001, Mr. Hogarty was appointed a member of the Board of Trustees of the State University of New York by Governor George E. Pataki and served until March 2004.

 

            In 2004, Mr. Hogarty was appointed a member of the Board of Directors of the Harriman Research and Technology Development Corporation by Governor George E. Pataki.

 

            In 1994, Mr. Hogarty received the Executive of the Year award from the Capital District Business Review. 

 

In 1995, Mr. Hogarty received the Tree of Life Award from the Jewish National Fund and he and his wife received the LaSallian Benefactor Award from LaSalle School of Albany. In 1997, they received the Monsignor Burns Memorial Award from Catholic Central High School.  The Citizen Laureate Award from the University at Albany Foundation and the Accolade for Service Award from the Arthritis Foundation was awarded in 1998.

 

            In 2001, Mr. Hogarty received the President’s Award from Hudson Mohawk Association of Colleges & Universities and the Citizen of the University Award from The University at Albany Alumni Association.

 

            In 2002 Mr. Hogarty received The Greene County Council on the Arts Distinguished Service Award and Christian Brothers Academy Distinguished Alumni Award. 

 

            In 2003, Mr. Hogarty received the President’s Award from the Capital District YMCA and Co-Distinguished Citizen Award from Twin Rivers Council, Inc. 

 

            In 2004, Mr. Hogarty received the Edward H. Pattison Award from the Rensselaer County Regional Chamber of Commerce.

 

            Mr. Hogarty is a graduate of Christian Brothers Academy, received a Bachelors of Science Degree from Villanova University and a Masters in Business Administration from Siena College.