Employer News
New Law to Help Protect Pension Fund from Abuse
The Public Integrity Reform Act includes provisions for holding government officials who violate the public trust accountable for their actions. It affects public officials who join the Employees’ Retirement System (ERS) on or after November 13, 2011. Under certain circumstances, officials convicted of a felony related to their public office will either receive a reduced pension, or forfeit their pension. Read more about the Public Integrity Reform Act.
Tier 5 Overtime Limits
For 2012, the limit on overtime that can be reported to the Retirement System for ERS Tier 5 members will be $15,913.50. Overtime paid above that limit cannot be used in a pension calculation and should not be reported. Since overtime limits for PFRS Tier 5 members are determined differently, please continue to report all overtime paid to those members. If you have questions about reporting information for your Tier 5 employees, check out our Tier 5 Benefit Information Employer FAQs or email our Employer Services Bureau.
Reporting Requirements for Your Newly Elected/Appointed Officials
Do you have any elected or appointed officials who will be starting a new term in 2012? Then you should be aware of the reporting requirements to make sure they receive appropriate service credit while in office. Find out more on our Elected and Appointed Officials web page.
Featured Video
This Public Pension System Works
Comptroller DiNapoli sets the record straight about New York’s pension system, making it clear that all public pension systems are not equal. More...
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