These recalculations are processed in date order and are generally minimal compared to the overall benefit amount. Part SS is deemed to be in full force and effect as of April 01, 2022. All comments are subject to review and community moderation is encouraged. (31 Lines), View More (35 Lines). The purpose of this bulletin is to notify agencies that the pensionable overtime (OT) earnings limit for Tier 6, New York City Teachers Retirement System (82), New York City Education Board Retirement System (83), and New York City Employee Retirement System (84) for the 2022 plan year is $18,233.00. SUMMARY OF PROVISIONS: Section 1 amends section 1203 of the Retirement and Social Security Law to lift the cap on overtime used in the calculation of final average salary from 15% to 30%. This law amends the Retirement and Social Security Law (RSSL) 361-a(c) and General Municipal Law (GML) 208-f(c) by increasing the deceased members salary used in the computation of the special accidental death benefit by adding to it an additional percentage. Totally understand the frustration! BS flag has been raised. Lots of inquiriesno answers. hbbd`b``3 @ 2z Site Index | Career Opportunities| Contact Us | Privacy and Links Policies | Regulations | Accessibility | FOIL | Webcasts, Making Adjustments to Earnings and Days Worked, Retroactive Service Credit Due to Litigation, Settlements, and Arbitration Awards, Federal Tax Treatment of Member Contributions, Optional Service Credit Purchase Payments, Mandatory Service Credit Purchase Payments. Under the reforms, workers who earned between $45,000 and $55,000 had to contribute 3.5% of their compensationtoward their pension. You can also email them using our secure email form. For example, for most members, if your earnings increase significantly through the years used in your FAE, some of those earnings may not be used toward your pension. The earnings limit is applied on a State fiscal year (April 1 March 31) basis, so when the Governor's salary increases at the beginning of a calendar year, the limit amount is prorated. The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. Sign in to your account, go to the My Account Summary area of your Account Homepage and click the Estimate my Pension Benefit button. Generally, members in regular retirement plans face pension reductions if they retire before their full retirement age (62 or 63, depending on their tier). I should then be a tier 4 instead of 6. 2d310^gAo@A g`o0 Pf I am coming upon two years of retirement.
