S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7707
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 10, 2017
                                ___________
 
 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.
   § 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.
   § 3. This act shall take effect immediately.
   FISCAL NOTE. -- This bill would allow Jodi Manne, a Tier 4  member  of
 the New York State Teachers' Retirement System (NYSTRS), who was former-
 ly  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 peri-
 od  in  which  the transfer was not initiated and the cessation date was
 not established. Ms. Manne must file a written request with the head  of
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04098-02-7
              

 A. 7707                             2
 
 the  New  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  $17,000. This cost is to be borne by the employers of members of the
 NYSTRS.
   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 2017-17 dated April 13,
 2017 prepared by the Actuary of the New York State Teachers'  Retirement
 System and is intended for use only during the 2017 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.