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.