Memorandum  #3: 2022 Limits under Section 23 of Chapter 131 of the Acts of 2010

Date:	01/10/2022
Referenced Sources:	PERAC Website

PERAC Memo #3, 2022

To All Retirement Boards:

TO:                 All Retirement Boards

FROM:           John Parsons, Esq., Executive Director

RE:                 2022 Limits under Section 23 of Chapter 131 of the Acts of 2010

DATE:            January 10, 2022

Pursuant to Section 23 of Chapter 131 of the Acts of 2010, “regular compensation for any person who becomes a member of a retirement system after January 1, 2011, shall not include salary, wages or other compensation in whatever form in any calendar year in excess of 64 percent (64%) of the annual limitation that may be imposed under federal law on the amount of compensation that may be taken into account when calculating benefits under plans described in 26 U.S.C. 401(a) including, but not limited to, the applicable limits for any calendar year under 26 U.S.C. 401(a)(17).”

For 2022, the general compensation limit found in U.S.C. 401(a)(17) is $305,000, as outlined in PERAC Memorandum #2/2022.  Thus the 2022 limit on regular compensation under G.L. 32 for persons who became members after January 1, 2011, is $195,200.

Please contact John Boorack if you have any questions.

Commission Members:

Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Richard MacKinnon, Jr.
Jennifer F. Sullivan