Authorizes Carl Spatola to receive a refund from the New York state teachers' retirement system due to overpayment.
Summary
Bill S07339 authorizes Carl Spatola, a Tier 4 member of the New York State Teachers' Retirement System (NYSTRS), to receive a refund of his accumulated 3% contributions to the retirement system. This refund pertains to the period during which he was transitioning from the New York City Teachers' Retirement System (NYCTRS) to NYSTRS and had not properly initiated the transfer. The bill stipulates that Mr. Spatola must file a request for the refund within one year of the bill's effective date.
Impact
The passage of this bill will allow Mr. Spatola to recover approximately $26,600 in contributions that he overpaid during his transition between retirement systems. The financial responsibility for this refund will fall on the employers of members of the NYSTRS, potentially affecting their financial obligations and budgeting.
Sentiment
The sentiment surrounding Bill S07339 appears to be neutral, as there are no recorded votes or significant opposition noted in the committee discussions. The bill seems to address a specific individual case without broader implications for the retirement system or its members.
Contention
There are no notable points of contention surrounding this bill, as it focuses solely on the refund for Mr. Spatola and does not appear to have generated significant debate or opposition within the legislative context.
Authorizes Breanne M. Smith to receive a refund of certain accumulated contributions paid to the New York state and local employees' retirement system.