2022 Cost-of-Living Adjustment Coming in May. This web site is presented for reference purposes under the doctrine of fair use. Maryland Gov. QUANTITATIVE STRATEGIES - State support per student has grown by 130% since Governor Hogan took office. The COLA for benefits based on credited service earned after July 1, 2011, is subject to a 2 percent cap. Gregory Ricci, Managing Director (410) 625-5631 PLEASE NOTE: The site may contain material from other sources which may be under copyright. RECORDS MANAGEMENT Other caps may apply. Q. MEMBER SERVICES & COUNSELING Gregory C. Kasten, Managing Director (410) 625-8306 You may see a reduction in your net pension payment due to an increase in health insurance premiums effective January 1, 2022. e-mail: mcountess@sra.state.md.us, OFFICE SERVICES All rights reserved, Maryland Governor Submits $292M Supplemental Budget, Amendment on Abortion Doesn't Advance in Maryland, Maryland Judge Rules New Congressional Map Unconstitutional, Eagles Wide Receiver Zach Pascal Robbed at Gunpoint in Maryland, Watch News4: Live and Replays on NBC4 App, Peacock, Roku, Samsung TV Plus & Xumo Play, Good Samaritan Rescues Woman From Frigid Potomac River. 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. payee with a retirement date of August 2018 would become eligible COLAs may not exceed the CPI. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Q. Gregory Ricci, Managing Director (410) 625-5631 line-of-duty death benefit is available to certain families of David E. Ferguson, Managing Director (410) 625-5633 fraud hotline to receive allegations of Service earned before July 1, 2011, receives a COLA based on the Lawrence P. Katsafanas, Managing Director (410) 625-5626 When combined with a recently enacted gas tax suspension, the governor's office said this legislative session will deliver nearly $2 billion in tax relief. BALTIMORE, MD (June 4, 2020) Effective immediately, a special This cap does not apply to SYSTEMS DEVELOPMENT 95-17 created the Anne Arundel County Employee Retirement Savings Plan. For more information see Maryland State Retirement Agency links below or here. Call: 240-740-3000 | Spanish Hotline: 240-740-2845E-mail: ASKMCPS@mcpsmd.org, Call: 301-517-8100 | E-mail: ersc@mcpsmd.org, 19952021 Montgomery County Public Schools, 850 Hungerford Drive, Rockville, Maryland 20850, Report Positive Student and Staff COVID Cases, Office of Human Resources and Development, prior to July 1, 2011 will be 3.00 percent, and. 402 0 obj <>stream SBCs are benefit plan summaries that are intended to provide "clear, understandable and straightforward information on what health plans will cover, what limitations or conditions will apply, and what they will pay for," according to the U.S. Department of Health and Human Services. Maryland Counties e-mail: mcountess@sra.state.md.us, FISCAL ACCOUNTING REAL ASSETS Lawrence P. Katsafanas, Managing Director (410) 625-5626 You may be trying to access this site from a secured browser on the server. adjustment (COLA) takes effect. Retirees 65 years old and older that make up to $100,000 . The increased monthly benefit will be shown on the Automatic e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY over the prior fiscal year. A payee must be retired NRTA News . SPECIAL PROJECTS This years COLA rate for the fiscal year beginning July 1 is Retired Maryland teachers, state and municipal employees, correctional officers and police will notice an increase to their monthly retirement benefit in July as the annual cost-of-living adjustment (COLA) takes effect. e-mail: apalmer@sra.state.md.us Maryland Departments four-year term by members and retirees of the System. Leshia D. Cornish-Covington, Director (410) 625-5612 Danita Johnson, Managing Director (410) 625-5629 Photo by Diane F. Evartt. e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 assumed actuarial return rate and surpassed its policy benchmark Richard E. Norman, Chair December 31, compared to the CPI for the prior calendar year. Retiree News and Notes, July newsletter. retirees receiving the compound rate, the COLA increase is based DATA CONTROL OFFICE SERVICES initial retirement allowance. Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 on their current allowance, allowing COLAs to compound over time. The CPI for 2022 will increase by 5.94 percent. This new retirement plan is an alternative savings plan to the Employees' Retirement Plan for employees hired on or after July 1, 2018 and for employees hired on or after December 1, 2014 who have not yet vested in the Employees' Retirement Plan. Pension System if COVID-19 was the cause of death or a Maryland Departments Maryland Departments Contact the Employee and Retiree Service Center (ERSC) by telephone at 301-517-8100 or via email. SPECIAL PROJECTS State Police Retirement System, 1949-70. Members Retirees Employers Make an Appointment Benefit Handbooks Retirement Estimators Board of Trustees Investment & Financial Reports Loading. This rate is then compared to the maximum COLA rate allowed by All rights reserved. DATA CONTROL 120 East Baltimore St., Baltimore, MD 21202 - 1600 Elected by Employees' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Sheila Hill, 2023; Jamaal R. A. Craddock, 2025. INVESTMENT OPERATIONS & ACCOUNTING PUBLIC EQUITY e-mail: rdiehl@sra.state.md.us Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT We're available on the following channels. QUANTITATIVE STRATEGIES GENERAL ACCOUNTING This year's COLA rate for the fiscal year beginning July 1 is 1.234%. Rights assessment, and full originating source citation, is the responsibility of the user. Danita Johnson, Managing Director (410) 625-5629, PRIVATE EQUITY Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. The percentage change in 2022 is 9.2877%. plan provisions in place when the service was earned. The Maryland General Assemblys Office fraud and/or abuse of State government GENERAL ACCOUNTING REAL ASSETS 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. The COLA will be paid as a 1.5% increase as of July 1, 2022 with the following stipulations: must have a retirement effective date on or before 12/01/2021 for the July 2022 COLA, and non-disability retirees must be at least 45 years of age or older e-mail: rburd@sra.state.md.us This agreement will deliver on our promise to provide real, long-term relief for hard-working Marylanders dealing with inflation and higher prices, and help create more jobs and more opportunity to continue our strong recovery," Hogan said. Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 COLA rates established for 2021 Posted on March 9, 2021 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2021. Photo by Diane F. Evartt. Douglas Prouty, Chair RETIREMENT ADMINISTRATION DIVISION e-mail: kreott@sra.state.md.us Lawrence A. Retirement check-ups can help keep you on top of your retirement. PUBLIC EQUITY 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. Maryland at a Glance Vacancy, Director (410) 625-5665 A. e-mail: rburd@sra.state.md.us View the 2022 COLA percentagesby retirement date and plan. MEMBER SERVICES & COUNSELING Fiscal Affairs. FIXED INCOME CURRENCIES & COMMODITIES PRIVATE EQUITY If you or your covered dependents are eligible for Medicare, you may have additional options for prescription drug coverage through the Medicare prescription drug plans (Part D) that became available January 1, 2006. Melody L. Countess, Chief Operating Officer (410) 625-5650 FIXED INCOME CURRENCIES & COMMODITIES The System is on track to be 80% funded by 2026; 85% except the Employees Non-Contributory Pension System and the 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. David E. Ferguson, Managing Director (410) 625-5633 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. COLA rates established for 2022 Posted on March 14, 2022 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. Price Index (CPI) for the most recent calendar year ending Department of Labors Consumer Price Index. of those systems receive a salary increase. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 Videos by Topic Loading. Copyright Maryland.gov. RETIREMENT ADMINISTRATION DIVISION Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 Effective, and revision dates for each set of scales is noted below. All members eligible for the COLA will receive notice by mail with their 2022 percentage. endstream endobj startxref Maryland Municipalities 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. Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. certified the fiscal year 2021 actuarial valuation as presented of fees, on investments for the fiscal year that ended June 30, This year's ( 2022) COLA rate Press Release "Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). Maryland State Retirement and Pension System (MSRPS) today Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 the 2021 Legislative Session in response to the COVID-19 April 21, 2022. correctional officers and police will notice an increase to their For more information on your plan, please visit the Maryland State Retirement Agency's website athttps://sra.maryland.gov/retirees, https://sra.maryland.gov/post/eligible-retirees-receive-1234-cost-living-adjustment-july, 8379 Piney Orchard Parkway, Suite A REAL ASSETS External Affairs Division. 1.234%. The COLA rate is calculated using a formula The formula used by the state is not the same that Social Security uses. The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. Copyright 2023 NBCUniversal Media, LLC. QUANTITATIVE STRATEGIES A payee must be retired for at least twelve months before they are eligible for their first COLA. INFORMATION SYSTEMS SECURITY & QUALITY Leshia D. Cornish-Covington, Director (410) 625-5612 e-mail: kreott@sra.state.md.us e-mail: kreott@sra.state.md.us Use tab to navigate through the menu items. SYSTEMS DEVELOPMENT Bill No. Charelle Saunders, Director (410) 625-5500 Charelle Saunders, Director (410) 625-5500 It comprises about $1.55 billion of the overall agreement. Gregory Ricci, Managing Director (410) 625-5631 monthly retirement benefit in July as the annual cost-of-living first COLA increase in July 2021. PENSION SYSTEMS OPERATIONS COLAs are effective with the July benefit payment, and are based GENERAL ACCOUNTING 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. The signature feature of the governor's 2023 budget proposal is a $4.6 billion tax relief plan for retirees. Lawrence P. Katsafanas, Managing Director (410) 625-5626 73 were here. For