Purpose:
The purpose of this bulletin is to notify agencies of the 2023 pensionable overtime earnings limit for Tier 6 TRS members.
Affected Employees:
Tier 6 members of TRS Plan Type 86 are affected.
Background:
The OT limit for Tier 6 began in the State fiscal year 2012-2013 at $15,000. In accordance with Chapter 368 of the Laws of 2018, the OT cap increases annually based on changes to the Consumer Price Index for the one-year period ending September 30 of the previous year.
Effective Dates:
Effective beginning Administration paychecks dated July 5, 2023, and Institution paychecks dated July 13, 2023.
OSC Actions:
OSC will update PayServ to reflect the pensionable OT earnings limit for plan year 2023 to $19,729.00 for Tier 6 TRS members.
Questions:
Questions regarding this bulletin may be directed to the Payroll Retirement mailbox.