Purpose

The purpose of this bulletin is to notify agencies that the pensionable overtime earnings limit for Tier 5 Employee Retirement System (ERS) members for calendar year 2020 is $20,158.75.

Affected Employees

Employees who are Tier 5 members of ERS Plan Type 7Y are affected.

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.

Effective Date(s)

Institution Paychecks dated January 2, 2020

Administration Paychecks dated January 8, 2020

OSC Actions

OSC will update PayServ to reflect the pensionable overtime earnings limit for 2020 of $20,158.75 for Tier 5 ERS members.

Questions

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