Purpose:

The purpose of this bulletin is to notify agencies of the 2023 pensionable overtime earnings limit for Tier 6 TRS members.

Affected Employees:

Tier 6 members of TRS Plan Type 86 are affected.

Background:

The OT limit for Tier 6 began in the State fiscal year 2012-2013 at $15,000.  In accordance with Chapter 368 of the Laws of 2018, the OT cap increases annually based on changes to the Consumer Price Index for the one-year period ending September 30 of the previous year. 

Effective Dates:

Effective beginning Administration paychecks dated July 5, 2023, and Institution paychecks dated July 13, 2023.

OSC Actions:

OSC will update PayServ to reflect the pensionable OT earnings limit for plan year 2023 to $19,729.00 for Tier 6 TRS members.

Questions:

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