The purpose of this bulletin is to notify agencies of the maximum salary limit for members of ORP Tiers 1 through 5 for calendar year 2022.
Members of ORP Tiers 1 through 5 are affected.
In accordance with Section 415 of the Internal Revenue code, providing dollar limitations for benefits and contributions under qualified retirement plans, the annual compensation limit under Section 401(a)(17), 404(I), 408(k)(3)(C), and 408(k)(6)(D)(ii) will increase to $305,000 for calendar year 2022.
Effective beginning Administration paychecks dated January 5, 2022 and Institution paychecks dated January 13, 2022.
OSC will update PayServ to reflect the Maximum Salary Limit for calendar year 2022.
PayServ will automatically stop ORP contributions once employees’ pensionable earnings reach the $305,000 limit. Contributions will resume the first paycheck of the following calendar year.
Questions regarding this bulletin may be directed to the Payroll Retirement mailbox.