Subject
Tier 6 Pensionable Overtime Earnings Limit for Fiscal Year 2017-18 for Employees Enrolled in New York State and Local Retirement System (Plan Type 7Y, Employee’s Retirement System)
Date Issued
April 10, 2017
Purpose
To notify agencies that the pensionable overtime earnings limit for Tier 6 Employee Retirement System (ERS) members is $15,721 for fiscal year 2017-18.
Affected Employees
Employees who are Tier 6 members of ERS Plan Type 7Y
Effective Date(s)
Institution and Administration Paychecks for fiscal year 2017-18
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.
OSC Actions
OSC will update PayServ to reflect the pensionable overtime earnings limit for the 2017-18 fiscal year to $15,721.
Questions
Questions regarding this bulletin may be directed to Payroll Retirement mailbox.