The New York State Senate

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5111
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 2, 2023
                                ___________
 
 Introduced by M. of A. GANDOLFO, THIELE -- read once and referred to the
   Committee on Governmental Employees
 
 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.
                                                            LBD01265-02-3

 A. 5111                             2
 
 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 $24,000. 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.
   The source of this estimate is Fiscal Note 2023-10 dated February  27,
 2023  prepared by the Office of the Actuary of the New York State Teach-
 ers' Retirement System and is intended for  use  only  during  the  2023
 Legislative  Session.  I, Richard A. Young, am the Chief Actuary for the
 New York State Teachers' Retirement System. I am a member of the  Ameri-
 can  Academy  of Actuaries and I meet the Qualification Standards of the
 American Academy of Actuaries to render the actuarial opinion  contained
 herein.