What's happening
This bill authorizes Clifford Swezey to receive a refund, with interest, of certain retirement contributions from the NY State Teachers' Retirement System.
Why it matters
Sets a precedent for individualized pension adjustments. Granting a specific refund with interest to Clifford Swezey, outside of standard retirement system rules, could encourage similar requests from other retirees who have experienced complex or atypical career paths.
Shifts financial responsibility to school district employers. The bill specifies that the cost of the refund (estimated at $28,000 plus interest) will be borne by employers in the New York State Teachers' Retirement System, not by the retirement system itself, potentially impacting district budgets.
Addresses administrative gaps in pension transfers. By remedying a situation where a member paid contributions during a period of transfer confusion, the bill highlights potential flaws or ambiguities in transfer and cessation procedures between different retirement systems, pointing to a need for clearer administrative processes.
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Refund for Retired Teacher
Plain English, a few words. Used as the page title.
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History
- Referred to governmental employees
- Referred to governmental employees
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Refund for Retired Teacher
In Assembly Committee · Governmental Employees · Sponsor Todd Kaminsky
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8873
2017-2018 Regular Sessions
IN ASSEMBLY
December 22, 2017
Introduced by M. of A. SOLAGES -- read once and referred to the Committee on Governmental Employees
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 Assembly, 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 accumulated 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13615-02-7
A. 8873 2
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
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.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.