Bill Text: NY S06224 | 2021-2022 | General Assembly | Amended


Bill Title: Authorizes Jodi Manne to receive a refund from the New York state teachers' retirement system.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2022-06-01 - referred to governmental employees [S06224 Detail]

Download: New_York-2021-S06224-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         6224--A

                               2021-2022 Regular Sessions

                    IN SENATE

                                     April 15, 2021
                                       ___________

        Introduced  by  Sen. REICHLIN-MELNICK -- read twice and ordered printed,
          and when printed to be committed to the Committee on Civil Service and
          Pensions -- recommitted to the Committee on Civil Service and Pensions
          in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        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:

     1    Section  1. Notwithstanding the provisions of subdivision b of section
     2  902 of the retirement and social security  law,  Jodi  Manne  a  Tier  4
     3  member of the New York state teachers' retirement system who was former-
     4  ly  a  member  of the New York city teachers' retirement system, with 11
     5  years, 3 months of service credit, who then  paid  contributions  as  an
     6  employee  of  the  Greenburgh  central school district from July 1, 2008
     7  through June 30, 2013 to the New York state teachers' retirement  system
     8  and  on  November  15,  2013 initiated a transfer from the New York city
     9  teachers' retirement system to the New York state  teachers'  retirement
    10  system,  shall  be  entitled  to  a  refund of the accumulated 3 percent
    11  contributions paid to said retirement system for the period in which the
    12  transfer was not initiated and cessation date was not established, if an
    13  application is filed within one year of the effective date of this act.
    14    § 2. All costs associated with the implementation of this act shall be
    15  borne by the employers of the members of the New  York  state  teachers'
    16  retirement system.
    17    § 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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08372-03-2

        S. 6224--A                          2

        a transfer from NYCTRS to NYSTRS on  November  15,  2013  to  receive  a
        refund  of  her 3% contributions paid to NYSTRS, accumulated with inter-
        est, for the period 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 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  $21,000. This cost is to be borne by the employers of members of the
        NYSTRS.
          Member 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
        Annual  Report.  System assets are as reported in the System's financial
        statements and can also be found in the System's Annual Report. Actuari-
        al assumptions and methods are provided in the System's Actuarial  Valu-
        ation Report and the 2021 Actuarial Assumptions Report.
          The  source  of  this  estimate is Fiscal Note 2022-24 dated April 13,
        2022 prepared by the Office of the Actuary of the New York State  Teach-
        ers'  Retirement  System  and  is  intended for use only during the 2022
        Legislative Session. I, Richard A. Young, am the Chief Actuary  for  the
        New  York State Teachers' Retirement System. I am a member of the Ameri-
        can Academy of Actuaries and I meet the Qualification Standards  of  the
        American  Academy of Actuaries to render the actuarial opinion contained
        herein.
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