The purpose of this bulletin is to notify agencies that the pensionable overtime (OT) earnings limit for Tier 6, New York City Teachers Retirement System (82), New York City Education Board Retirement System (83), and New York City Employee Retirement System (84) for the 2022 plan year is $18,233.00.
Tier 6 members of NYCTRS, NYCBERS, and NYCERS are affected.
OT limit for Tier 6 began in State fiscal year 2012-13 at $15,000. The limit increases each year based on the Consumer Price Index on December 31 of the previous year. This year (2022) the OT limit is $18,233.00.
Effective Institution paychecks dated January 13, 2022.
OSC will update the Pension Plan Table in PayServ to reflect the $18,233.00 pensionable overtime earnings limit with an Effective Date of January 1, 2022 for the plan year.
Agencies must notify affected employees.
Questions regarding this bulletin may be directed to the Payroll Retirement mailbox.