The New York State Senate

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3400

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 6, 2019
                               ___________

Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

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,
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

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

                                                           LBD04492-02-9

S. 3400                             2

request with the head of the New York State Teachers' Retirement  System
within on 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  $20,000.  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
CAFR.  Actuarial  assumptions  and  methods are provided in the System's
Actuarial Valuation Report.
  The source of this estimate is Fiscal Note 2019-15 dated  February  4,
2019  prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2019 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.