STATE OF NEW YORK
________________________________________________________________________
7710
2015-2016 Regular Sessions
IN ASSEMBLY
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:
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 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.
