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Date: December 20, 2010

Bulletin Number: 1044

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Subject

Tier 5 Pensionable Overtime Earnings Limit for Calendar Year 2011 for Employees Enrolled in the New York State Employees’ Retirement System (ERS) and the New York State Teachers’ Retirement System (TRS)

Purpose

To notify agencies that the pensionable overtime earnings limit for calendar year 2011 is $15,450.00

Affected Employees

Employees who are Tier 5 members of ERS or TRS


Effective Date(s)

Administration Paychecks dated 01/05/2011
Institution Paychecks dated 01/13/2011

Background

In accordance with Chapter 504 of the Laws of 2009, the overtime limit will be increased by three percent effective January 1st.

OSC Actions

Once processing is complete for the final 2010 paycheck (Administration checks dated 12/22/2010, Institution checks dated 12/30/2010), OSC will update PayServ to reflect the pensionable overtime earnings limit of $15,450.00 for 2011.

Agency Actions

Agencies should ensure that appropriate staffs in payroll, personnel, and/or benefit service offices are informed of the increase in limit.

Questions

Questions regarding this bulletin may be e-mailed to the Payroll Deduction mailbox.