S T A T E O F N E W Y O R K
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8198--A
2021-2022 Regular Sessions
I N A S S E M B L Y
August 25, 2021
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Introduced by M. of A. GANDOLFO, THIELE -- read once and referred to the
Committee on Governmental Employees -- recommitted to the Committee on
Governmental Operations 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.
LBD10644-04-2
A. 8198--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.
This bill would generate a cost equal to the refund of the accumulated
member contributions paid by Mr. Spatola to NYSTRS during this period,
which is estimated to be $23,000. 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 2022-30 dated May 2, 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.