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

  
  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.