The purpose of this bulletin is to notify agencies of the 2020 maximum salary limit for Tier 6 members of NYCTRS (7S), NYCBERS (7T), NYCERS (7U), and NYSTRS (7X).
In accordance with Senate Resolution No. 958 of Bill No. C00243, approved on April 1, 2020, 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 $225,000 for the 2020 plan year.
Employees who are Tier 6 members of NYCTRS, NYCBERS, NYCERS, or NYSTRS are affected.
OSC will update PayServ to reflect the Maximum Salary Limit for the 2020 plan year.
PayServ will automatically stop NYCTRS, NYCBERS, NYCERS, and NYSTRS contributions when an employee’s pensionable earnings reach the $225,000 limit. Contributions will resume in the first paycheck of the following plan year.
Questions regarding this bulletin may be directed to the Payroll Retirement mailbox.