Expect Your Tier 6 Pension Overpayment and Underpayment Letter in the Mail Soon
The MTA is taking a multi-phased approach to implementing the refunds and under payments. In Phase 1a, employees that are owed a refund will receive a letter providing information regarding the refund, including details on the calculation. This letter is scheduled to be mailed July 12, 2024, with the refund being paid with the paycheck date of July 31, 2024 (OA) and August 1, 2024 (TA) via separate check.
In Phase 1b, employees that have under contributed will receive a letter providing information regarding the under payment, including details on the calculation. This letter is scheduled to be mailed on July 26, 2024, with the deductions for the under payment commencing with the August 28, 2024 (OA) and August 29, 2024 (TA) paycheck date. Of note, the MTA will be paying interest owed by the employee up until August 1, 2024, and the employee will only be responsible for future interest accrued during the repayment period. Phase 1b will also include employees where no action is required, as their overall member contributions from 2012-2022 met the plan requirements. Such employees will also receive a letter explaining the process, including a detailed calculation reflecting their status.
Employees will also have access to an on-line portal where they can review their calculations and access more information, including Frequently Asked Questions and Glossary of Terms,.
