S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7056
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              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:

   Section 1. Notwithstanding the provisions of subdivision b of  section
 902  of the retirement and social security law, Cristina Galioto, a 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 Freeport school district from September 1, 2019 through
 July 31, 2020 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 accumulated employee  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 employee contributions shall include interest payable
 at the rate of five per centum per annum compounded annually.
   § 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  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.