STATE OF NEW YORK
________________________________________________________________________
5111--A
2023-2024 Regular Sessions
IN ASSEMBLY
March 2, 2023
___________
Introduced by M. of A. GANDOLFO, THIELE -- read once and referred to the
Committee on Governmental Employees -- recommitted to the Committee 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.
LBD01265-04-4
A. 5111--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 $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.
