Purpose

The purpose of this bulletin is to notify agencies that the pensionable overtime earnings limit for Tier 5 ERS and Tier 5 TRS members for calendar year 2023 is $22,028.01.

Affected Employees

Tier 5 members of ERS Plan Type 87 and TRS Plan Type 86 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 in Administration paychecks dated January 4, 2023, and Institution paychecks dated January 12, 2023.

OSC Actions

OSC will update PayServ to reflect the pensionable overtime earnings limit for 2023 of $22,028.01 for Tier 5 ERS and TRS members.

Questions

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