STATE OF NEW YORK
________________________________________________________________________
7056
2021-2022 Regular Sessions
IN ASSEMBLY
April 21, 2021
___________
Introduced by M. of A. DURSO -- read once and referred to the Committee
on Governmental Employees
AN ACT to authorize Cristina Galioto 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, Cristina Galioto, a Tier
3 4 member of the New York state teachers' retirement system who was
4 formerly a member of the New York city teachers' retirement system, with
5 more than ten years of service credit, who then paid contributions as an
6 employee of the Freeport school district from September 1, 2019 through
7 July 31, 2020 initiated a transfer from the New York city teachers'
8 retirement system to the New York state teachers' retirement system,
9 shall be entitled to a refund of the accumulated employee contributions
10 paid to said retirement system for the period in which the transfer was
11 not initiated and cessation date was not established if an application
12 is filed within one year of the effective date of this act. Such refund
13 of the accumulated employee contributions shall include interest payable
14 at the rate of five per centum per annum compounded annually.
15 § 2. All costs associated with the implementation of this act shall be
16 borne by the employers of members of the New York state teachers'
17 retirement system.
18 § 3. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would allow Cristina Galioto, 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 after June 30, 2020, to
receive a refund of her member contributions paid to NYSTRS, accumulated
with interest, for the period in which the transfer was not initiated
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09692-02-1
A. 7056 2
and the cessation date was not established. Ms. Galioto 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 as of June 30, 2021 paid by Ms. Galioto to NYSTRS,
which is estimated to be $5,400. This cost is to be borne by the employ-
ers 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 2021-31 dated March 17,
2021 prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2021 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.