Purpose

The purpose of this bulletin is to notify agencies that the pensionable overtime (OT) earnings limit for Tier 6 members of the New York City Employee Retirement System (NYCERS), New York City Teachers Retirement System (NYCTRS) and the New York City Board of Education Retirement System (NYCBERS) for the 2023 plan year is $19,729.00.

Affected Employees

Tier 6 members of NYCERS, NYCTRS, and NYCBERS are affected.

Background

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. The 2023 OT limit is $19,729.00.

Effective Dates

Effective for Institution paychecks dated January 12, 2023.

OSC Actions

OSC will update the OT limit in PayServ to reflect the $19,729.00 pensionable overtime earnings limit with an Effective Date of January 1, 2023.

Agency Actions

Agencies must notify affected employees.

Questions

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