Subject
Tier 5 Pensionable Overtime Earnings Limit for Calendar Year 2015 for Employees Enrolled in the New York State Employees Retirement System (ERS) and the New York State Teachers Retirement System (TRS)
Date Issued
December 11, 2014
Purpose
To notify agencies that the pensionable overtime earnings limit for calendar year 2015 is $17,389.12.
Affected Employees
Employees who are Tier 5 members of ERS or TRS
Effective Date(s)
Institution Paychecks dated January 8, 2015
Administration Paychecks dated January 14, 2015
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 2014 paycheck (Institution checks dated December 24, 2014, Administration checks dated December 31, 2014) OSC will update PayServ to reflect the pensionable overtime earnings limit of $17,389.12 for 2015.
Questions
Questions regarding this bulletin may be directed to Payroll Deductions mailbox.