S T A T E   O F   N E W   Y O R K
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                                  7710

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 26, 2015
                               ___________

Introduced  by  M.  of  A.  ZEBROWSKI  --  read once and referred to the
  Committee on Governmental Employees

AN ACT to authorize Jodi Manne to receive a refund  from  the  New  York
  state teachers' retirement system

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding the provisions of subdivision b of  section
902  of  the  retirement  and  social  security law, Jodi Manne a Tier 4
member of the New York state teachers' retirement system who was former-
ly a member of the New York city teachers' retirement  system,  with  11
years,  3  months  of  service credit, who then paid contributions as an
employee of the Greenburgh central school district  from  July  1,  2008
through  June 30, 2013 to the New York state teachers' retirement system
and on November 15, 2013 initiated a transfer from  the  New  York  city
teachers'  retirement  system to the New York state teachers' retirement
system, shall be entitled to a  refund  of  the  accumulated  3  percent
contributions paid to said retirement system for the period in which the
transfer was not initiated and cessation date was not established, if an
application is filed within one year of the effective date of this act.
  S 2. All costs associated with the implementation of this act shall be
borne  by  the  employers of the members of the New York state teachers'
retirement system.
  S 3. This act shall take effect immediately.
  FISCAL NOTE.-- Pursuant to Legislative Law, Section 50:
  This bill would allow Jodi Manne, a Tier 4  member  of  the  New  York
State Teachers' Retirement System (NYSTRS), who was formerly a member of
the New York City Teachers' Retirement System (NYCTRS) and who initiated
a  transfer  from  NYCTRS  to  NYSTRS  on November 15, 2013 to receive a
refund of the 3% contributions paid to NYSTRS for the  period  in  which
the  transfer  was  not  initiated and the cessation date was not estab-
lished.  Ms. Manne must file a written request with the head of the  New

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10386-02-5
              

A. 7710                             2

York  State Teachers' Retirement System within one year of the effective
date of this bill.
  The  cost  of  this  benefit is equal to the refund of the accumulated
member contributions paid by Ms. Manne to NYSTRS, which is estimated  to
be $16,000.
  Employee  data  is  from  the System's most recent actuarial valuation
files, consisting of data provided by the employers  to  the  Retirement
System.  Data  distributions and statistics can be found in the System's
Comprehensive Annual Financial  Report  (CAFR).  System  assets  are  as
reported  in the System's financial statements, and can also be found in
the CAFR. Actuarial assumptions and methods are provided in the System's
Actuarial Valuation Report.
  The source of this estimate is Fiscal Note 2015-28 dated May 12,  2015
prepared  by  the  Actuary  of  the  New York State Teachers' Retirement
System and is intended for use only during the 2015 Legislative Session.
I, Richard A. Young, am the Actuary for the  New  York  State  Teachers'
Retirement  System.  I  am a member of the American Academy of Actuaries
and I meet the Qualification Standards of the American Academy of  Actu-
aries to render the actuarial opinion contained herein.