New York S 7339: Authorizes Carl Spatola to receive a refund from the New York state teachers' retirement system

Bill Text

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S07339 Summary:

BILL NOS07339 

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SAME ASNo Same As

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SPONSORWEIK

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COSPNSR

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MLTSPNSR

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

Go to top S07339 Actions:

BILL NOS07339 

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04/10/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS07339 Committee&nbspVotes:

Go to topS07339 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07339 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7339

 2025-2026 Regular Sessions

 IN SENATE

 April 10, 2025
 ___________

 Introduced by Sen. WEIK -- 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.
 LBD04561-02-5

 S. 7339 2

 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 $26,600. 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, 2024, 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,
 2024. 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 will be provided in the System's Actuarial Valuation
 Report as of June 30, 2024.
 The source of this estimate is Fiscal Note 2025-11 dated March 17,
 2025 prepared by the Office of the Actuary of the New York State Teach-
 ers' Retirement System and is intended for use only during the 2025
 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