State Agencies Bulletin No. 1884

Subject

Tier 5 Pensionable Overtime Earnings Limit for Calendar Year 2021 for Employees Enrolled in the New York State and Local Retirement System (Plan Type 7Y, ERS) and New York State Teachers’ Retirement System (Plan Type 7X, TRS)

Date Issued

December 14, 2020

Purpose

The purpose of this bulletin is to notify agencies that the pensionable overtime earnings limit for Tier 5 Employee Retirement System (ERS) and Tier 5 Teacher’s Retirement System (TRS) members for calendar year 2021 is $20,763.51.

Affected Employees

Employees who are Tier 5 members of ERS Plan Type 7Y and TRS Plan Type 7X 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 Dates

Effective beginning Administration paychecks dated January 6, 2021 and Institution paychecks dated January 14, 2021.

OSC Actions

OSC will update PayServ to reflect the pensionable overtime earnings limit for 2021 of $20,763.51 for Tier 5 ERS and TRS members.

Questions

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