NY State Senate Bill 2019-S3400

Senate Bill S3400

2019-2020 Legislative Session

Authorizes Carl Spatola to receive a refund from the New York state teachers' retirement system

download bill text pdf

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to civil service and pensions
Feb 06, 2019	referred to civil service and pensions

2019-S3400 (ACTIVE) - Details

Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement
Versions Introduced in Other Legislative Sessions:: 2017-2018: S5094
2021-2022: S7223
2023-2024: S5318

2019-S3400 (ACTIVE) - Summary

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

2019-S3400 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S3400

SPONSOR: BOYLE
 
TITLE OF BILL:  An act authorizing Carl Spatola to receive a refund
from the New York state teachers' retirement system

 
PURPOSE OR GENERAL IDEA OF BILL:

To reimburse Carl Spatola for overpayment into the New York State Teach-
ers' Retirement System.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Authorizes a refund to Carl Spatola of the accumulated 3%
contributions paid to the New York state teachers' retirement system for
the period in which the transfer from the New York City teachers'
retirement system to the New York state teachers' retirement system was
not initiated and cessation date was not established if an application
is filed within one year of the effective date of this act.

Section 2. Costs to be borne by the New York state teachers' retirement

system.

Section 3. This act shall take effect immediately.

 
JUSTIFICATION:

Carl Spatola, a Tier 4 member of the New York state teachers' retirement
system who was formerly a member of the New York City teachers' retire-
ment system with 12 years 1 month of service credit who then paid
contributions as an employee of the Amityville school district during
the period October 1, 2000 through June 30, 2004 and initiated a trans-
fer from the New York city teachers' retirement system to the New York
state teachers' retirement system during the school year ending June 30,
2005. This bill would allow Carl Spatola to receive a refund of his
accumulated 3% contributions paid to New York state teachers' retirement
system for the period in which the transfer from the New York City
teachers' retirement system to the New York State teachers' retirement
system was not initiated and the cessation date was not established. The
cost of this benefit is equal to the refund of the accumulated member
contributions paid by Carl Spatola to the New York state teachers'
retirement system during this period, estimated to be $20,000.

 
PRIOR LEGISLATIVE HISTORY:

None.

 
FISCAL IMPLICATIONS:

The office of the New York State Teachers' Retirement System has calcu-
lated an estimate which is included within this legislation. The cost of
this benefit is equal to the refund of the accumulated member contrib-
utions paid by Mr. Spatola to NYSTRS during this period, which is esti-
mated to be $20,000. This cost is to be borne by the employers of
members of the New York State teachers' retirement system.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S3400 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3400
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             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:
 
   Section 1. Notwithstanding the provisions of subdivision b of  section
 902  of  the  retirement  and social security law, Carl Spatola a Tier 4
 member of the New York state teachers' retirement system who was former-
 ly a member of the New York city teachers'  retirement  system  with  12
 years  1  month  of  service  credit  who  then paid contributions as an
 employee of the Amityville school district during the period October  1,
 2000  through  June  30, 2004 and initiated a transfer from the New York
 city teachers' retirement system to the New York state teachers' retire-
 ment system during the school year ending June 30, 2005, shall be  enti-
 tled  to a refund of the accumulated three percent contributions paid to
 said retirement system for the period in  which  the  transfer  was  not
 initiated  and  cessation  date was not established if an application is
 filed within one year of the effective date of this act.
   § 2. All costs associated with the implementation of this act shall be
 borne by the employers of the members of the New  York  state  teachers'
 retirement system.
   § 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.

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