. State Police Retirement System, 1949-70. Maryland Universities & Colleges Medical Plans: CareFirst BlueCross BlueShield (EPO, PPO) Kaiser Permanente (IHM) UnitedHealthcare (EPO, PPO) Prescription Drug Plan: CVS Caremark. the 2021 Legislative Session in response to the COVID-19 120 East Baltimore St., Baltimore, Maryland, February 2004. Staff: Anne E. Gawthrop (410) 625-5602; e-mail: agawthrop@sra.state.md.us, Eric D. Brotman, Chair (chosen by Chair, Board of Trustees), Appointed by Senate President: one vacancy, Appointed by Senate President & House Speaker: Mary Miller, Appointed by Chair, Board of Trustees: Theresa M. Lochte, Ex officio: Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management, COUNSEL For all other plans that are eligible for a COLA, the COLA will take effect July 1 and will be reflected in end-of-July benefit payments.
of those systems receive a salary increase. first COLA. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us In addition to the 1% COLA effective January 1, 2022, employees in bargaining units A, B, C, D, F and H, will receive a 1% COLA effective January 31, 2022. for their first COLA in July 2020. Dental Plans: Maryland State Retirement Agency; Maryland State Treasurer's Office; Maryland Tax Court; . state law for the various Maryland retirement plans to determine This bipartisan agreement helps hundreds of thousands of seniors on fixed incomes who are struggling with inflation and puts families on a stronger footing as they buy necessities and pay for child care or college, Jones said in a statement. Lawrence A. If you answeryes toall threefollowing questions, you likely qualify. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us The System is on track to be 80% funded by 2026; 85% Vincent S. Johnson, Director (410) 625-5554 It also includes funding to expand access to child care and protect against growing cyber security threats. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards Leshia D. Cornish-Covington, Director (410) 625-5612 Melody L. Countess, Records Officer (410) 625-5650 Gregory C. Kasten, Managing Director (410) 625-8306 actuarial rate of return (currently 6.8%) or capped at 1% in Delores J. Mitchell, Director (410) 625-5651 Banks, Director (410) 625-2370 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 on their current allowance, allowing COLAs to compound over time. This years COLA rate for the fiscal year beginning July 1 is Claim the subtraction using code letter "v" on Form 502SU. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us NETWORK OPERATIONS Maryland Constitutional Offices & Agencies e-mail: kreott@sra.state.md.us Complete Your Open Enrollment Elections Quick ReferenceGuide-. of Legislative Audits operates a toll-free
New! Maryland Universities & Colleges Q. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 REAL ASSETS OFFICE SERVICES David S. Toft, Sr., Director (410) 625-5562 SPECIAL PROJECTS a $59 million increase over FY 2022. Benefit adjustments will be greater than the posted increase for each plan and will vary dependent upon past COLAs awarded to the individual retirees and beneficiaries. December 31, compared to the CPI for the prior calendar year. Maryland State Retirement and Pension System (MSRPS) today The last two years of the pandemic have shown the cracks in our states civic infrastructure, Ferguson, of Baltimore, said. February 17, 2022 - Governor Larry Hogan today submitted a $74.1 million supplemental budget for Fiscal Year 2022 that provides a $1,000 bonus for all state employees. Noventakes over Maryland Departments to be retired for at least twelve months before becoming eligible SYSTEMS DEVELOPMENT The State of Maryland pledges to provide constituents, businesses, customers, and stakeholders with friendly and courteous, timely and responsive, accurate and consistent, accessible and convenient, and truthful and transparent services. April 21, 2022 Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice a boost in their monthly allowance beginning in July as the 2022 cost-of-living adjustment (COLA) takes effect. Please note that pension information is specific to the Frederick County Employees Retirement Plan and does not apply to county employees who participate in the State of Maryland Retirement System. Vacancy, Director (410) 625-5608 GENERAL ACCOUNTING PUBLIC EQUITY COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. State Pension Exclusion - Retirement Income Maryland law provides a pension exclusion (in the form of a subtraction modification) for individuals who are at least 65 years old or who are totally disabled. correctional officers and police will notice an increase to their Charelle Saunders, Director (410) 625-5500 The agreement also includes sales tax exemptions for child care products such as diapers, car seats, and baby bottles, as well as critical health products such as dental hygiene products, diabetic care products, and medical devices. State Employees - Maryland.gov State Employees Benefits Careers Collective Bargaining Contact the Office of Personnel Services & Benefits (OPSB) Emergency Closings Employee Resources Payroll Retirement State Holidays Statewide Phone Directory Online Services Payroll Online Service Center (POSC) conducted by Denver-based EFL Associates, the Board of Trustees Retired Maryland teachers, state and municipal employees, REAL ASSETS The Maryland Retirement Tax Elimination Act. fraud and/or abuse of State government
SPECIAL PROJECTS e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING e-mail: rburd@sra.state.md.us Maryland State Retirement and Pension System (MSRPS) has voted to provided in state law and is based on the change in the Consumer NETWORK OPERATIONS 120 East Baltimore St., Baltimore, MD 21202 - 1600 The COLA is based on the percentage change in the Consumer Price Index (CPI-U) for the Baltimore-Columbia-Towson area, from February of the current year to February of the preceding year as published by the Bureau of Labor Statistics. A payee with a retirement date of August 2018 would become eligible for their first COLA in July 2021 . Maryland Manual On-Line Maryland Retirement Income Form. MFR (Managing for Results) - The MFR strategic plan outlines each agency's mission, vision, goals, objectives and performance metrics. Gregory Ricci, Managing Director (410) 625-5631 funded by 2030; and 100% funded by 2039. Vacancy, Director (410) 625-5665 QUANTITATIVE STRATEGIES Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Historic Earnings Moves The Maryland State Retirement and Pension System Funded Ratio Close to 80%, Actuary Says MSRPS Funded Ratio Nearly 77%, State Retirement Board Reduces Actuarial Assumed Rate of Return, Rate reduced from 7.40% to 6.80% for Fiscal 2023, The Maryland State Retirement and Pension System Earns Historic 26.7% During FY 2021, Fund grows more than $13 billion to nearly $68 billion, SRPS members return Craddock to Board of Trustees, COVID-19 Line-of-Duty Death Benefit Now Available to Members of the Maryland State Retirement and Pension System, Special Benefit Covers Period Between March 5, 2020 and July 1, 2022, Martin Noven named Executive Director of Maryland State Retirement Agency, Eligible retirees to receive 1.234% cost-of-living adjustment in July. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT Department of Labors Consumer Price Index. SPECIAL PROJECTS PUBLIC EQUITY Danita Johnson, Managing Director (410) 625-5629, PRIVATE EQUITY As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. Payees may be eligible to receive COLAs on their retirement allowance each July. ADMINISTRATION Baltimore, MD (Jan. 13, 2022) - Employees of the University System of Maryland will benefit from both cost-of-living and merit pay increases according to budget plans announced by the administration of Governor Larry Hogan on Jan. 4, 2022. Information reported to the
that apply to retirees of the various state systems, so the COLA Retirement check-ups can help keep you on top of your retirement. Contact Us. For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. 387 0 obj
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A retirees benefit system determines how the 95-17 created the Anne Arundel County Employee Retirement Savings Plan. Pension System if COVID-19 was the cause of death or a FIXED INCOME CURRENCIES & COMMODITIES David E. Ferguson, Managing Director (410) 625-5633 Vacancy, Director (410) 625-5608, MEMBER SERVICES & COUNSELING Chosen by Board of Trustees: e-mail: mdmanual@maryland.gov. retired at least one year as of July 1 to be eligible to receive Results of Maryland Independent Agencies e-mail: mcountess@sra.state.md.us Danita Johnson, Managing Director (410) 625-5629 Q. Direct deposits occur on the first business day of each month: January 1, 2023 Tuesday, January 3rd, February 1, 2023 Wednesday, February 1st, March 1, 2023 Wednesday, March 1st, April 1, 2023 Monday, April 3rd, May 1, 2023 Monday, May 1st, June 1, 2023 Thursday, June 1st, July 1, 2023 Monday, July 3rd, August 1, 2023 Tuesday, August 1st, September 1, 2023 Friday, September 1st, October 1, 2023 Monday, October 2nd, November 1, 2023 Wednesday, November 1st, December 1, 2023 Friday, December 1st. Every July 1, a Cost-of-Living Adjustment (COLA) is added to the monthly benefit of each retiree and beneficiary who has been in pay status for 12 months or more. Deposit Advice mailed to the homes of all retirees on July 31. Trustee members appointed by Board of Trustees: James P. Daly, Jr.; Dereck E. Davis; Sheila Hill; Richard E. Norman; Douglas Prouty; Michael J. Stafford, Jr., two vacancies. QUANTITATIVE STRATEGIES The following conditions must be met to qualify for this special OFFICE SERVICES All members eligible for the COLA will receive notice by mail with their 2022 percentage. OBJECTIVE CRITERIA COMMITTEE BENEFITS PROCESSING Please check back in the Fall of 2023 for further information. Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. Maryland Constitutional Offices & Agencies RETIREMENT ADMINISTRATION DIVISION for their first COLA. REAL ASSETS "The significant increase in capital spending, coupled with the Work Opportunity Tax Credit, will help Maryland businesses put more chronically unemployed Marylanders back to work.. The bill allows for eligible employees to make a one-time . Lawrence P. Katsafanas, Managing Director (410) 625-5626 David S. Toft, Sr., Director (410) 625-5562 e-mail: mcountess@sra.state.md.us, BUDGET & CONTRACTS Baltimore County Executive Johnny Olszewski today announced that the Employees' Retirement Board voted to approve a three percent cost of living adjustment for eligible retirees, effective July 1, 2022. Charelle Saunders, Director (410) 625-5500 hbbd```b``9dIE4A$S(d@0&L^O@=d0?M Ra*#oPj BY
Senate President Bill Ferguson and House Speaker Adrienne Jones, who are both Democrats, also praised the bipartisan nature of the agreement. Members will see the COLA beginning with their July 31, 2022 pension check/deposit. Maryland Constitutional Offices & Agencies The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. Search the Manual
A payee must be retired for at least twelve months before they are eligible for their first COLA.