NY S07047

Authorizes Clifford Swezey, a retired Tier 4 member of the New York State Teachers' Retirement System, to receive a refund of accumulated 3% contributions paid during a specific transfer period between the NYC Teachers' Retirement System and NYSTRS.

Refund covers contributions paid from November 20, 2006 through June 30, 2011, with interest accrued at 5% per annum compounded annually through his retirement date of June 30, 2017.

Requires Swezey to file an application for the refund within one year of the act's effective date.

Estimated refund cost is $28,000, to be borne entirely by employers of NYSTRS members rather than the retirement system itself.

Act takes effect immediately upon passage.