Bill Text: NY S03400 | 2019-2020 | General Assembly | Introduced

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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 - Dead) 2020-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S03400 Detail]

Download: New_York-2019-S03400-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3400
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 6, 2019
                                       ___________
        Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Civil Service and Pensions
        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,
        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.
                                                                   LBD04492-02-9
        S. 3400                             2
        request with the head of the New York State Teachers' Retirement  System
        within on 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  $20,000.  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
        CAFR.  Actuarial  assumptions  and  methods are provided in the System's
        Actuarial Valuation Report.
          The source of this estimate is Fiscal Note 2019-15 dated  February  4,
        2019  prepared by the Actuary of the New York State Teachers' Retirement
        System and is intended for use only during the 2019 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.