State Agencies Bulletin No. 1950

Subject

Maximum Salary Limit for Tier 6 Members of the Following Retirement Systems:

• New York City Teachers Retirement System (NYCTRS)

• New York City Board of Education Retirement System (NYCBERS)

• New York City Employee Retirement System (NYCERS)

• New York State Police and Fire Retirement System (PFRS)

• New York State Teachers Retirement System (NYSTRS)

• New York State Employees Retirement System (ERS)

Date Issued

October 13, 2021

Purpose

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).

Affected Employees

Employees who are Tier 6 members of NYCTRS, NYCBERS, NYCERS, PFRS, NYSTRS, or ERS are affected.

Background

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 Dates

Effective beginning Institution paychecks dated 10/21/2021 and Administration paychecks dates 10/27/2021.

OSC Actions

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

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