State Agencies Bulletin No. 1751

Subject

Maximum Salary Limit for Tier 6 members of the following Retirement Systems:

• New York City Teachers Retirement System (NYCTRS)

• New York City Board of Education Retirement System (NYCBERS)

• New York City Employee Retirement System (NYCERS)

• New York State Police and Fire Retirement System (PFRS)

• New York State Teachers Retirement System (NYSTRS)

• New York State Employees Retirement System (NYSERS)

Date Issued

June 13, 2019

Purpose

To notify agencies of the 2019 maximum salary limit for Tier 6 members of NYCTRS (7S), NYCBERS (7T), NYCERS (7U), PFRS (7W), NYSTRS (7X), and NYSERS (7Y)

Background

In accordance with Senate Resolution No. 958 of Bill No. C00243, approved on April 1, 2019, which provides for dollar limitations on benefits and contributions under qualified retirement plans, the annual compensation limit under Section 401(a), 404(I), 408 (k) (3) (C), and 408 (k) (6) (D) (ii) will increase to $200,000 for the 2019 plan year.

Affected Employees

Employees who are Tier 6 members of NYCTRS, NYCBERS, NYCERS, PFRS, NYSTRS or NYSERS

Effective Date(s)

Institution Paychecks dated June 20, 2019
Administration Paychecks dated June 26, 2019

OSC Actions

OSC will update PayServ to reflect the Maximum Salary Limit for the 2019 plan year.

PayServ will automatically stop NYCTRS, NYCBERS, NYCERS, PFRS, NYSTRS, and NYSERS contributions when an employee’s pensionable earnings reach the $200,000 limit. Contributions will resume in the first paycheck of the following plan year.

Questions

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