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  5. CUNY Bulletin No. CU-568

CUNY Bulletin No. CU-568

Subject
2017 Tier 6 OT Limit and Plan Year Changes for NYC Retirement Systems (NYCERS, NYCTRS, NYCBERS)
Date Issued
December 19, 2016

Purpose

To notify agencies that the pensionable overtime earnings limit for Tier 6 New York City Employee Retirement System (7U), New York City Teachers Retirement System (7S), and New York City Education Board Retirement System (7T) for the 2017 plan year is $15,721.

NYCERS, NYCTRS, and NYCBERS will no longer operate with a Plan Year coinciding with NYS Fiscal Year as legislation now states that the plan year shall mean calendar year. January 1, 2017 is the first day of the plan year for Tier 6 members of NYCERS, NYCTRS, and NYCBERS.

Affected Employees

Tier 6 NYCERS, NYCTRS, and NYCBERS members eligible for overtime compensation and/or limited to the Governor’s Salary cap limit of $179,900 are affected by the overtime limit change.

All Tier 6 CUNY employees enrolled with NYCERS, NYCTRS, or NYCBERS are affected by the plan year change.

Background

Chapter 510 of the Laws of New York amends the Retirement and Social Security Law in relation to the definition of wages earned from multiple employers and the plan year for New York City Retirement Systems.

The amendment specifies The New York City Employee Retirement System, New York City Teacher Retirement System, and New York City Board of Education should no longer operate on the New York State Fiscal Year (April 1st to March 31st) but should instead have a plan year that operates on the calendar year (January 1st to December 31st) for Tier 6 pension fund administration.

A plan year defines how each retirement system must operate during a twelve month time period. As such, pensionable wages, overtime compensation limits and contribution rate changes will be effective January 1st of each year starting in 2017.

Effective Date(s)

Institution Paychecks dated January 5, 2017

OSC Actions

OSC will update the Retirement Plans Table in PayServ to reflect the $15,721 pensionable overtime earnings limit with an effective date of January 1, 2017 for the plan year.

Agency Actions

CUNY should notify affected employees.

Questions

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