For members who joined on or after April 1, 1996: Internal Revenue Code Section 401(a)(17) limits the amount of earnings that qualified pension plans, including NYSLRS, may use in calculating benefits. Do not take contributions from earnings that exceed the limit. The amount is set by federal law and is periodically adjusted for inflation.
| Earnings Period | Earnings Limit |
|---|---|
| April 1, 2023 – March 31, 2024 | $330,000 |
| April 1, 2022 – March 31, 2023 | $305,000 |
| April 1, 2021 – March 31, 2022 | $290,000 |
| April 1, 2020 – March 31, 2021 | $285,000 |
| April 1, 2019 – March 31, 2020 | $280,000 |
| April 1, 2018 – March 31, 2019 | $275,000 |
| April 1, 2017 – March 31, 2018 | $270,000 |
For Tier 6 members: Pensionable earnings are also limited to the Governor’s salary. You should continue to report earnings and days worked once the Tier 6 member reaches the Governor’s salary limit, but only take contributions from earnings below the limit.
From April 1, 2012 through December 31, 2018, the Governor’s annual salary was $179,000. It was increased to $200,000 as of January 1, 2019, and to $225,000 as of January 1, 2020. In fall 2021, the Governor’s salary was increased to $250,000, effective retroactive to January 1, 2021.
The earnings limit is applied on a State fiscal year (April 1 – March 31) basis and is prorated to a fiscal year earnings limit when the Governor’s salary increases on January 1. The maximum earnings that can be applied toward a Tier 6 member’s pension are shown below:
| Earnings Period | Earnings Limit |
|---|---|
| Beginning April 1, 2021 | $250,000 |
| April 1, 2020 – March 31, 2021 | $231,250 |
| April 1, 2019 – March 31, 2020 | $206,250 |
| April 1, 2018 – March 31, 2019 | $184,250 |
| April 1, 2017 – March 31, 2018 | $179,000 |
Rev. 9/23