The purpose of this bulletin is to notify agencies of the maximum salary limit for Tier 6 members of NYCTRS (82), NYCBERS (83), NYCERS (84), PFRS (85), NYSTRS (86), and ERS (87).
Employees who are Tier 6 members of NYCTRS, NYCBERS, NYCERS, PFRS, NYSTRS, or ERS are affected.
In accordance with Senate Resolution No. 958 of Bill No. C00243, approved on 04/01/2019, 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 $250,000.
Effective beginning Institution paychecks dated 10/21/2021 and Administration paychecks dates 10/27/2021.
PayServ will automatically stop contributions when an employee’s pensionable earnings reach the $250,000 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.