Purpose:
The purpose of this bulletin is to provide the Division of Housing and Community Renewal instructions for processing the 2023 RRSU Over40 Comp Time II Cash Out.
Affected Employees:
Employees in the Rent Regulations Services Unit – BU67 who have opted to participate in the Over40 Comp Time II Cash Out program are affected.
Background:
Pursuant to a side letter contained in the 2021-2023 Agreements between the State of New York and the District Council 37 (DC-37), employees are permitted to cash out up to 120 hours of accrued Over40 Comp Time II credits in each year of the program.
The Office of Employee Relations (OER) Memorandum dated 10/26/2023 provides additional information.
Effective Dates:
The 2023 RRSU Over40 Comp Time II Cash Out should be paid using the following Effective Date and Check Date:
| Pay Period | Effective Date | Check Date |
|---|---|---|
| Administration Pay Period 17L | 11/22/2023 | 12/06/2023 |
Eligibility Criteria:
Employees who have accrued Over40 Comp Time II credits are eligible to cash out up to 120 hours once per year. Employees do not need to be currently enrolled in the Over40 Comp Time II program or be currently employed in an eligible position to participate in the annual cash out.
Agency Actions:
To pay the 2023 RRSU Over40 Comp Time II Cash Out to eligible employees, agencies must submit the following information on the Time Entry page or the Time Entry Interface (NPAY502) using Earnings Code Earnings Code D40 or DH4 (for Hourly employees):
| Earnings Begin Date: | Last Day of Pay Period being paid, or the Last Day the Employee is Active |
|---|---|
| Earnings End Date: | Same as Earnings Begin Date |
| Earn Code: | D40 or DH4 |
| Hours | Number of hours to be paid |
Miscellaneous Payment Information:
The RRSU Over40 Comp Time II Cash Out is pensionable but is not included in the calculation of overtime.
Tax Information:
These monies are taxable income, will be included in the employee’s taxable gross, are subject to all employment and income taxes and will be reported on the employee's Form W-2.
Payroll Register and Employee Paycheck/Advice:
The appropriate Earnings Code and the amount paid will be displayed on the Payroll Register. The appropriate Earnings Description and the amount paid will appear on the employee’s paycheck stub or direct deposit advice.
| D40 | Over 40 Cash Out |
|---|---|
| DH4 | Over 40 Hourly Cash Out |
Questions:
Questions regarding this bulletin may be directed to the Payroll Earnings mailbox.
Questions regarding tax information may be directed to the Tax and Compliance mailbox.