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Date: December 11, 2014

Bulletin Number: 1367

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Subject

Tier 5 Pensionable Overtime Earnings Limit for Calendar Year 2015 for Employees Enrolled in the New York State Employees Retirement System (ERS) and the New York State Teachers Retirement System (TRS)

Purpose

To notify agencies that the pensionable overtime earnings limit for calendar year 2015 is $17,389.12.

Affected Employees

Employees who are Tier 5 members of ERS or TRS.
Effective Date(s)

Institution Paychecks dated January 8, 2015.
Administration Paychecks dated January 14, 2015.

Background

In accordance with Chapter 504 of the Laws of 2009, the overtime limit will be increased by three percent effective January 1st.

OSC Actions

Once processing is complete for the final 2014 paycheck (Institution checks dated December 24, 2014, Administration checks dated December 31, 2014) OSC will update PayServ to reflect the pensionable overtime earnings limit of $17,389.12 for 2015.

Questions

Questions regarding this bulletin may be directed to Payroll Deductions mailbox.