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Date: December 15, 2015

Bulletin Number: 1450

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Subject Tier 5 Pensionable Overtime Earnings Limit for Calendar Year 2016 for Employees Enrolled in the New York State and Local  Retirement System (Plan Type 7Y, Employee’s Retirement System)

Purpose To notify agencies that the pensionable overtime earnings limit for Tier 5 Employee Retirement System (ERS) members for calendar year 2016 is $17,910.78.

Background In accordance with Chapter 504 of the Laws of 2009, Legislation established an annual, pensionable overtime earnings limit of $15,000 effective January 1, 2010. This amount increases each calendar year thereafter by three percent.  The overtime earnings limit for 2016, 2017, and 2018 have been calculated by the New York State and Local Retirement System.

Affected Employees Employees who are Tier 5 members of ERS Plan Type 7Y.


Effective Dates Institution Paychecks dated January 7, 2016.
Administration Paychecks dated January 13, 2016.

OSC Actions OSC will update PayServ each year to reflect the pensionable overtime earnings limit for that year for Tier 5 ERS members as follows:


ERS Overtime Limit by Calendar Year

Year

Overtime Limit

2016

$17,910.78

2017

$18,448.11

2018

$19,001.55


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