S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7047
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 3, 2018
                                ___________
 
 Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 AN ACT to authorize Clifford Swezey 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, Clifford Swezey, a
 retired Tier 4 member of the New York state teachers' retirement  system
 who  was  formerly  a  member  of the New York city teachers' retirement
 system, with more than ten  years  of  service  credit,  who  then  paid
 contributions  as  an  employee  of the Harrison central school district
 from November 20, 2006 through June 30,  2011  to  the  New  York  state
 teachers'  retirement  system  and on July 18, 2011 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  accu-
 mulated  three  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.    Such  refund  of  the  accumulated  three
 percent contributions shall include interest payable at the rate of five
 per centum per annum compounded annually and such interest shall be paid
 through Mr. Swezey's date of retirement of June 30, 2017.
   § 2. All costs associated with the implementation of this act shall be
 borne  by  the  employers  of  members  of  the New York state teachers'
 retirement system.
   § 3. This act shall take effect immediately.
   FISCAL NOTE. -- Pursuant to Legislative Law, Section 50:
   This bill would allow Clifford Swezey, a retired 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 July 18, 2011 to receive a
 refund of the 3% member contributions paid to NYSTRS for the  period  in
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13615-02-7

 S. 7047                             2
 
 which  the  transfer  was  not  initiated and the cessation date was not
 established.  Mr. Swezey's refund of member contributions would  include
 interest  at  the  rate of 5% per year through his date of retirement of
 June  30, 2017.  Mr. Swezey 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 Mr. Swezey to NYSTRS, which is estimated to
 be $28,000. 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 2018-4 dated  November  29,
 2017  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2018 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.