STATE OF NEW YORK
________________________________________________________________________
5094--A
2017-2018 Regular Sessions
IN SENATE
March 7, 2017
___________
Introduced by Sen. BOYLE -- 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 6 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.
LBD10462-03-8
S. 5094--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.
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 $19,000. 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 2018-13 dated March 9, 2018
prepared by the Actuary of the New York State Teachers' Retirement
System and is intended for use only during the 2018 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.
