Purpose

To notify agencies that the pensionable overtime earnings limit for Tier 6 New York City Employee Retirement System (7U), New York City Teachers Retirement System (7S), and New York City Education Board Retirement System (7T) for the 2019 plan year is $16,779

Affected Employees

Tier 6 NYCERS, NYCTRS, and NYCBERS members eligible for overtime compensation and/or limited to the Governor’s Salary cap limit of $179,900 are affected by the overtime limit change.

All Tier 6 CUNY employees enrolled with NYCERS, NYCTRS, or NYCBERS are affected by the plan year change.

Background

Chapter 510 of the Laws of New York of 2015 amends the Retirement and Social Security Law in relation to the definition of wages earned from multiple employers and the plan year for New York City Retirement Systems.

The amendment specifies The New York City Employee Retirement System, New York City Teachers Retirement System, and New York City Board of Education should no longer operate on the New York State Fiscal Year (April 1st to March 31st) but should instead have a plan year that operates on the calendar year (January 1st to December 31st) for Tier 6 pension fund administration.

Effective Dates

Institution Paychecks dated January 3, 2019

OSC Actions

OSC will update the Retirement Plans Table in PayServ to reflect the $16,779 pensionable overtime earnings limit with an effective date of January 1, 2019 for the plan year.

Agency Actions

CUNY should notify affected employees.

Questions

Questions regarding the calculation process can be directed to the Payroll Retirement mailbox.