Purpose

The purpose of this bulletin is to notify agencies of the $17,301 pensionable overtime earnings limit for Tier 6 New York City Employee Retirement System (7U), New York City Teachers Retirement System (7S), and New York City Education Board Retirement System (7T) 2021 plan year.

Affected Employees

Tier 6 members of NYCERS, NYCTRS, and NYCBERS are affected.

Background

The OT limit for Tier 6 began in State fiscal year 2012-13 at $15,000. The limit increases each year and is based on the Consumer Price Index on December 31 of the previous year. In 2018, the maximum amount of OT that can be included in the final average salary of a Tier 6 member was changed from fiscal year to calendar year as a result of Chapter 368 of the Laws of 2018, which was signed into law on December 7, 2018. This year (2021) the OT limit is $17,301.00.

Effective Dates

Effective Institution Paychecks dated January 14, 2020.

OSC Actions

OSC will update the Retirement Plans Table in PayServ to reflect the $17,301 pensionable overtime earnings limit with an effective date of January 1, 2021 for the plan year.

Agency Actions

Agencies must notify affected employees.

Questions

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