Bill Text: NY S05318 | 2023-2024 | 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: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-03-28 - PRINT NUMBER 5318A [S05318 Detail]

Download: New_York-2023-S05318-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         5318--A

                               2023-2024 Regular Sessions

                    IN SENATE

                                      March 1, 2023
                                       ___________

        Introduced  by  Sen.  WEIK  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
          -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee

        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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01265-03-4
        S. 5318--A                          2

        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
        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 $25,400. This  cost  is  to  be  borne  by  the
        employers of members of NYSTRS.
          Member data is from the System's most recent actuarial valuation files
        as of June 30, 2023, consisting of data provided by the employers to the
        Retirement System. The most recent data distributions and statistics can
        be  found  in  the System's Annual Report for fiscal year ended June 30,
        2023. System assets are as reported in the System's financial statements
        and can also be found in the System's Annual Report.  Actuarial  assump-
        tions  and  methods  are  provided  in  the System's Actuarial Valuation
        Report as of June 30, 2023.
          The source of this estimate is Fiscal Note 2024-13 dated  February  8,
        2024  prepared by the Office of the Actuary of the New York State Teach-
        ers' Retirement System and is intended for  use  only  during  the  2024
        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.