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Date: December 14, 2017

Bulletin Number: 1625

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Subject Tier 5 Pensionable Overtime Earnings Limit for Calendar Year 2018 for Employees Enrolled in the New York State and Local  Retirement System (Plan Type 7Y, Employee’s Retirement System (ERS)) and New York State Teachers’ Retirement System (Plan Type 7X, TRS)

Purpose To notify agencies that the pensionable overtime earnings limit for Tier 5 Employee Retirement System (ERS) and Tier 5 Teacher’s Retirement System (TRS) members for calendar year 2018 is $19,001.55.

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 2018, 2019, and 2020 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 and TRS Plan Type 7X.
Effective Dates Institution Paychecks dated January 4, 2018.
Administration Paychecks dated January 10, 2018.

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


ERS and TRS Overtime
Limit by Calendar Year

Year

Overtime Limit

2018

$19,001.55

2019

$19,571.60

2020

$20,158.75


Questions Questions regarding this bulletin may be directed to Payroll Retirement Mailbox.