Bill Text: NY S08588 | 2019-2020 | General Assembly | Introduced

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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) 2020-07-22 - referred to governmental employees [S08588 Detail]

Download: New_York-2019-S08588-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8588

                    IN SENATE

                                      June 16, 2020
                                       ___________

        Introduced  by Sen. CARLUCCI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        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
        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.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15473-02-0
        S. 8588                             2

          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 $20,000. 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
        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 2020-32 dated June 15, 2020
        prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
        System and is intended for use only during the 2020 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.