Purpose:

The purpose of this bulletin is to notify agencies that the pensionable overtime earnings limit for Tier 5 ERS members for calendar year 2024 is $22,688.85.

Affected Employees:

Employees who are Tier 5 members of ERS Plan Type 87 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 (3%).

Effective Dates:

Effective Administration paychecks beginning January 3, 2024, and Institution paychecks beginning January 11, 2024.

OSC Actions:

OSC will update PayServ to reflect the pensionable overtime earnings limit for 2024 of $22,688.85 for Tier 5 ERS members.

Questions:

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