Purpose:

The purpose of this bulletin is to notify agencies that the pensionable overtime (OT) earnings limit for Tier 6 members of the New York City Employee Retirement System (NYCERS), New York City Teachers Retirement System (NYCTRS) and the New York City Board of Education Retirement System (NYCBERS) for the 2024 plan year is $20,459.

Affected Employees:

Tier 6 members of NYCERS, NYCTRS, and NYCBERS are affected.

Background:

OT limit for Tier 6 began in State fiscal year 2012-13 at $15,000. The limit increases each year based on the Consumer Price Index on December 31 of the previous year. The 2024 OT limit is $20,459.

Effective Dates:

Effective for Institution paychecks beginning January 11, 2024.

OSC Actions:

OSC will update the OT limit in PayServ to reflect the $20,459 pensionable overtime earnings limit with an Effective Date of January 1, 2024.

Agency Actions:

Agencies must notify affected employees.

Questions:

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