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State Agencies Bulletin No. 1479

Subject
Tier 6 Pensionable Overtime Earnings Limit for Fiscal Year 2016 for Employees Enrolled in the New York State and Local Retirement System (Plan Type 7Y, Employee’s Retirement System)
Date Issued
March 25, 2016

Purpose

To notify agencies that the pensionable overtime earnings limit for Tier 6 Employee Retirement System (ERS) members is $15,608.

Background

In accordance with Chapter 18 of the Laws of 2012, Legislation established an annual, pensionable overtime earnings limit of $15,000 effective April 1, 2013. This amount increases each fiscal year based on the Consumer Price Index on December 31st of previous year.

Affected Employees

Employees who are Tier 6 members of ERS Plan Type 7Y

Effective Dates

Administration Paychecks dated April 6, 2016
Institution Paychecks dated April 14, 2016

OSC Actions

OSC will update PayServ to reflect the pensionable overtime earnings limit for the 2016 fiscal year in accordance with ERS publications to $15,608.

Questions

Questions regarding this bulletin may be directed to Payroll Deduction Mailbox.