Bill Text: NY A07419 | 2019-2020 | General Assembly | Amended

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Bill Title: Authorizes Carl Spatola to receive a refund from the New York state teachers' retirement system due to overpayment.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-05-18 - print number 7419a [A07419 Detail]

Download: New_York-2019-A07419-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7419--A

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                       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:

     1    Section 1. Notwithstanding the provisions of subdivision b of  section
     2  902  of  the  retirement  and social security law, Carl Spatola a Tier 4
     3  member of the New York state teachers' retirement system who was former-
     4  ly a member of the New York city teachers'  retirement  system  with  12
     5  years  1  month  of  service  credit  who  then paid contributions as an
     6  employee of the Amityville school district during the period October  1,
     7  2000  through  June  30, 2004 and initiated a transfer from the New York
     8  city teachers' retirement system to the New York state teachers' retire-
     9  ment system during the school year ending June 30, 2005, shall be  enti-
    10  tled  to a refund of the accumulated three percent contributions paid to
    11  said retirement system for the period in  which  the  transfer  was  not
    12  initiated  and  cessation  date was not established if an application is
    13  filed within one year of the effective date of this act.
    14    § 2. All costs associated with the implementation of this act shall be
    15  borne by the employers of the members of the New  York  state  teachers'
    16  retirement system.
    17    § 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.