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Office of the New York State Comptroller’s Seal

NYS Comptroller

Thomas P. DiNapoli

Article 14 Benefits

For PFRS Tier 3 Members

IRS Pension Limitation

The Internal Revenue Code limits the amount of salary that qualified pension plans, including the New York State and Local Retirement System, may use in calculating benefits. Section 401(a)(17) affects members who join on or after April 1, 1996, and currently excludes earnings over $245,000 (effective April 1, 2011) in the State’s fiscal year (April 1st – March 31st). The amount is set by federal law and is periodically adjusted for inflation.