S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7419--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 1, 2019
                                ___________
 
 Introduced  by  M.  of A. THIELE, GARBARINO -- read once and referred to
   the Committee on Governmental Employees -- recommitted to the  Commit-
   tee on Governmental Employees in accordance with Assembly Rule 3, sec.
   2  -- committee discharged, bill amended, ordered reprinted as amended
   and recommitted to said committee

 AN ACT authorizing Carl Spatola 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, Carl Spatola a Tier 4
 member of the New York state teachers' retirement system who was former-
 ly a member of the New York city teachers'  retirement  system  with  12
 years  1  month  of  service  credit  who  then paid contributions as an
 employee of the Amityville school district during the period October  1,
 2000  through  June  30, 2004 and initiated a transfer from the New York
 city teachers' retirement system to the New York state teachers' retire-
 ment system during the school year ending June 30, 2005, shall be  enti-
 tled  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.
   § 2. All costs associated with the implementation of this act shall be
 borne by the employers of the 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 Carl Spatola, 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 during the school year ending June  30,

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

                                                            LBD04492-05-0

 A. 7419--A                          2
 
 2005  to  receive  a  refund of his accumulated 3% contributions paid to
 NYSTRS for the period in which the transfer was not  initiated  and  the
 cessation  date  was  not  established.  Mr. Spatola 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. Spatola to NYSTRS during this period,
 which is estimated to be $21,000. 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  2020-11  dated  March  16,
 2020  prepared by the Actuary of the New York State Teachers' Retirement
 System and is intended for use only during the 2020 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.