1-06-itemsaffectpen-1019001
Internal Revenue Code Section 401(a)(17) limits the amount of earnings that qualified pension plans, including the New York State and Local Retirement System, may use in calculating benefits. It affects members who joined on or after April 1, 1996, and excludes earnings over $305,000 from April 1, 2022 – March 31, 2023.1
The amount is set by federal law and is periodically adjusted for inflation.
1Updated 6/22