NY State Senate Bill 2021-S4952A

Senate Bill S4952A

2021-2022 Legislative Session

Authorizes Clifford Swezey to receive a refund from the New York state teachers' retirement system

download bill text pdf

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 20, 2022	print number 4952a
May 20, 2022	amend and recommit to civil service and pensions
Jan 05, 2022	referred to civil service and pensions
Feb 19, 2021	referred to civil service and pensions

Bill Amendments

Original

A (Active)

2021-S4952 - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7047
2019-2020: S7067

2021-S4952 - Summary

Authorizes Clifford Swezey to receive a refund from the New York state teachers' retirement system due to overpayment.

2021-S4952 - Sponsor Memo

                                
 
BILL NUMBER: S4952

SPONSOR: KAMINSKY
 
TITLE OF BILL:

An act to authorize Clifford Swezey to receive a refund from the New
York state teachers' retirement system

 
PURPOSE OR GENERAL IDEA OF BILL:

To allow Clifford Swezey to receive a refund of excess contributions
made to the New York State Teachers' Retirement System from November 20,
2006 through October 25, 2011.

 
SUMMARY OF SPECIFIC PROVISIONS:

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.

 
JUSTIFICATION:

Clifford Swezey is a Tier 4 member of the New York State Teachers'
Retirement System. He was employed as a teacher and supervisor in New
York City for 21 years, beginning in 1985 until 2006, at which time he
began employment at the Harrison Central School District. While teaching
in New York City, Mr. Swezey paid appropriate and sufficient retirement
contributions into the system. When Mr. Swezey's employment began at
Harrison School District, his attempt to notify the Teachers' Retirement
System of his previous membership in the New York City Teachers' Retire-
ment System was not processed.  As a result, Mr. Swezey began again
paying 3% pension contributions until his full transfer application was
finally processed in 2011.  Therefore, Mr. Swezey has overpaid the New
York State Teachers' Retirement System in retirement contributions, as
he has paid the balance of his owed 3% contributions after his years of
service as a New York City teacher. This bill allows a one year period
for Mr.  Swezey to apply for and receive a refund of that overpayment
from the system.

 
PRIOR LEGISLATIVE HISTORY:

2020: S7067, Kaminsky. Referred to Civil Service and Pensions.

2018: S07047, Kaminsky. Passed Senate, Died in Assembly.

 
FISCAL IMPLICATIONS:

The actuary estimates a one-time cost of $ $28,000.

 
EFFECTIVE DATE:
Immediately.

2021-S4952 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4952
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 19, 2021
                                ___________
 
 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 (legislative bill draft  03622-01-1)  would  allow  Clifford
 Swezey,  a retired Tier 4 member of the New York State Teachers' Retire-
 ment System (NYSTRS), who was formerly a member of  the  New  York  City
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD03622-02-1

 S. 4952                             2
 
 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 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  Teach-
 ers'  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 2021-7 dated February 16,
 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.

2021-S4952A (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7047
2019-2020: S7067

2021-S4952A (ACTIVE) - Summary

Authorizes Clifford Swezey to receive a refund from the New York state teachers' retirement system due to overpayment.

2021-S4952A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S4952A

SPONSOR: KAMINSKY
 
TITLE OF BILL:

An act to authorize Clifford Swezey to receive a refund from the New
York state teachers' retirement system

 
PURPOSE OR GENERAL IDEA OF BILL:

To allow Clifford Swezey to receive a refund of excess contributions
made to the New York State Teachers' Retirement System from November 20,
2006 through October 25, 2011.

 
SUMMARY OF SPECIFIC PROVISIONS:

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.

 
JUSTIFICATION:

Clifford Swezey is a Tier 4 member of the New York State Teachers'
Retirement System. He was employed as a teacher and supervisor in New
York City for 21 years, beginning in 1985 until 2006, at which time he
began employment at the Harrison Central School District. While teaching
in New York City, Mr. Swezey paid appropriate and sufficient retirement
contributions into the system.  When Mr. Swezey's employment began at
Harrison School District, his attempt to notify the Teachers' Retirement
System of his previous membership in the New York City Teachers' Retire-
ment System was not processed. As a result, Mr. Swezey began again
paying 3% pension contributions until his full transfer application was
finally processed in 2011. Therefore, Mr. Swezey has overpaid the New
York State Teachers' Retirement System in retirement contributions, as
he has paid the balance of his owed 3% contributions after his years of
service as a New York City teacher. This bill allows a one year period
for Mr. Swezey to apply for and receive a refund of that overpayment
from the system.

 
PRIOR LEGISLATIVE HISTORY:

2020: S7067, Kaminsky. Referred to Civil Service and Pensions.

2018:  S07047, Kaminsky. Passed Senate, Died in Assembly.

 
FISCAL IMPLICATIONS:

The actuary estimates a one-time cost of $28,000.

 
EFFECTIVE DATE:
Immediately.

2021-S4952A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4952--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 19, 2021
                                ___________
 
 Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03622-03-2

 S. 4952--A                          2
 
   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
 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
 Annual Report. System assets are as reported in the  System's  financial
 statements and can also be found in the System's Annual Report. Actuari-
 al  assumptions and methods are provided in the System's Actuarial Valu-
 ation Report and the 2021 Actuarial Assumptions Report.
   The source of this estimate is Fiscal Note 2022-42 dated May 19,  2022
 prepared  by  the  Office of the Actuary of the New York State Teachers'
 Retirement System and is intended for use only during the 2022  Legisla-
 tive Session. I, Richard A. Young, am the Chief 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 Actuaries to render the actuarial opinion contained herein.

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