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The following conditions must be met to qualify for this special Ajibola Akintola, Director (410) 625-5555 Those who . Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! Maryland Independent Agencies When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. David S. Toft, Sr., Director (410) 625-5562 A retiree who has been retired at least one Maryland Counties wwwnetspendactivation. Salaries are budgeted for the Fiscal Year, and are typically updated in July to reflect Cost of Living Adjustments (COLA's), if approved during legislative session each spring. Noventakes over View the 2022 COLA percentagesby retirement date and plan. State Retirement & Pension System, 1994-. Other caps may apply. Delores J. Mitchell, Director (410) 625-5651 BENEFITS PROCESSING Price Index (CPI) for the most recent calendar year ending Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion Plan Assets for 2nd Quarter 2022 11.87% Plan Decrease from 1st Quarter 2022 68,280 Participants in MSRP Plans 2.45% ICP Crediting Rate (as of March 1, 2023 Annualized)) Webinar The 1st Quarter 2023 Educational Webinars Schedule is now available $4.63 Billion Gregory Ricci, Managing Director (410) 625-5631 for each eligible retiree will be based on the COLA rate of Leshia D. Cornish-Covington, Director (410) 625-5612 364 0 obj <> endobj e-mail: kreott@sra.state.md.us Q. Charelle Saunders, Director (410) 625-5500 PRIVATE EQUITY INVESTMENT OPERATIONS & ACCOUNTING . Gregory Ricci, Managing Director (410) 625-5631 e-mail: kreott@sra.state.md.us e-mail: apalmer@sra.state.md.us e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY line-of-duty death benefit is available to certain families of %%EOF Maryland Constitutional Offices & Agencies NETWORK OPERATIONS correctional officers and police will notice an increase to their PUBLIC EQUITY To view the FY 2022 MFR Strategic Plan in PDF format click the document link. Gregory C. Kasten, Managing Director (410) 625-8306 Member Forms. Dimitri Grechenko, Managing Director (410) 625-5614 years when this rate is not met. 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. when the systems investment fund earns or exceeds its assumed LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Senate President Bill Ferguson and House Speaker Adrienne Jones, who are both Democrats, also praised the bipartisan nature of the agreement. The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . Dimitri Grechenko, Managing Director (410) 625-5614 QUANTITATIVE STRATEGIES SPECIAL PROJECTS SPECIAL PROJECTS DATA CONTROL for the fiscal year which ended June 30, 2021, its funded ratio Pension System if COVID-19 was the cause of death or a REAL ASSETS Retiree Forms. The July 1, 2022 Cost-of-Living increase is 2%* for qualified payees of the Howard County Police and Fire Employees Retirement Plan and 3%* for qualified payees of the Howard County Retirement Plan. Charelle Saunders, Director (410) 625-5500 QUANTITATIVE STRATEGIES upon changes in the Consumer Price Index. External Affairs Division. become effective July 1, 2022. Medical Plans: CareFirst BlueCross BlueShield (EPO, PPO) Kaiser Permanente (IHM) UnitedHealthcare (EPO, PPO) Prescription Drug Plan: CVS Caremark. the summer election were certified by the Board of Trustees July Who qualifies to receive the COLA this July? Maryland Constitutional Offices & Agencies Lawrence P. Katsafanas, Managing Director (410) 625-5626 Gregory Ricci, Managing Director (410) 625-5631 It also will maintain a record level of funding in the state's Rainy Day Fund. Local Fire and Police System. For 457b Plan participants, after you retire you can deal . Thomas M. Brandt, Jr.; Jamaal R. A. Craddock; Kenneth B. Haines; Michael J. Howard; Robert F. Sandlass, Jr. CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE Douglas Prouty, Chair INVESTMENT DIVISION This web site is presented for reference purposes under the doctrine of fair use. The compound rate applies for eligible payees of all adjustment (COLA) takes effect. Maryland Manual On-Line Vincent S. Johnson, Director (410) 625-5554 e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING Search the Manual Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. Chosen by Board of Trustees: 402 0 obj <>stream REAL ASSETS 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. Each January 1, Montgomery County Public Schools (MCPS) Employees' Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). INVESTMENT OPERATIONS & ACCOUNTING Search the Manual For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. The annual COLA is applied according to the yearly Consumer Price Index (CPI). Retiree Income Tax Credit. Rights assessment, and full originating source citation, is the responsibility of the user. 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. The COLA does not apply to retired Maryland legislators, judges e-mail: rdiehl@sra.state.md.us The latest Retirement Outlook is now available. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. PUBLIC EQUITY For more information on your plan, please visit the Maryland State Retirement Agency's website at. Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. FIXED INCOME CURRENCIES & COMMODITIES RECORDS MANAGEMENT RETIREMENT ADMINISTRATION DIVISION of Legislative Audits operates a toll-free The state started the session in January with about $4.6 billion in surplus, and the amount grew even higher as officials revised revenue estimates earlier this month. the 2021 Legislative Session in response to the COVID-19 Rachel S. Cohen, Principal Counsel (410) 625-5684 adjustment (COLA) takes effect. The agreement also makes investments to support public safety and victims of crime and the state's health system by supporting hospitals, nursing homes and assisted living facilities. A PENSION SYSTEMS OPERATIONS 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. Dental Plans: Charelle Saunders, Director (410) 625-5500 INVESTMENT OPERATIONS & ACCOUNTING Retirement Benefits: Youre eligible for retirementbenefits administrated by DRS, Learn More. Thomas M. Brandt, Jr.; James P. Daly, Jr.; Sheila Hill; Michael J. Howard; one vacancy. correctional officers and police will notice an increase to their 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. specific terms of their plans. that years increase. The last two years of the pandemic have shown the cracks in our states civic infrastructure, Ferguson, of Baltimore, said. Danita Johnson, Managing Director (410) 625-5629 e-mail: mcountess@sra.state.md.us, OFFICE SERVICES FINANCIAL ACCOUNTING OPERATIONS CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE, Maryland Constitutional Offices & Agencies, Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards. PUBLIC EQUITY Banks, Director (410) 625-2370 PUBLIC EQUITY Appointed by Governor with Senate advice & consent to 4-year terms: Thomas M. Brandt, Jr., 2023; Michael J. Howard, 2023; Michael J. Stafford, Jr., 2023; Matthew W. Wyksiel, 2024; James P. Daly, Jr., 2025; Robert F. Sandlass, Jr., 2025. The System is on track to be 80% funded by 2026; 85% monthly retirement benefit in July as the annual cost-of-living 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. BENEFITS PROCESSING The tax relief agreement comes at a time when the state has billions of dollars in surplus that has resulted from enormous federal aid to address the COVID-19 pandemic. A payee must be retired for at least twelve months before they are eligible for their first COLA. Maryland Universities & Colleges Lawrence P. Katsafanas, Managing Director (410) 625-5626 Maryland Departments Maryland State Retirement & Pension System STATE RETIREMENT & PENSION SYSTEM Board Minutes Martin M. Noven, Executive Director, State Retirement Agency 120 East Baltimore St., Baltimore, MD 21202 - 1600 (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 e-mail: sra@sra.state.md.us web: https://sra.maryland.gov/ 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. Banks, Director (410) 625-2370 95-17 created the Anne Arundel County Employee Retirement Savings Plan. Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. 2021. The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. Systems assets to $67.9 billion, an increase of $13.3 billion Charelle Saunders, Director (410) 625-5500 David E. Ferguson, Managing Director (410) 625-5633 investments from 7.40% to 6.80%. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us PENSION SYSTEMS OPERATIONS David E. Ferguson, Managing Director (410) 625-5633 For example, a payee with a retirement date of July QUANTITATIVE STRATEGIES BENEFITS PROCESSING Retiree - Cost of Living Adjustment (COLA) All Services Montgomery County Employee Retirement Plans Effective July 1, 2022, eligible retirees and others receiving annuity payments from the Montgomery County Employees Retirement System (ERS), will receive a Cost-of-Living-Adjustment (COLA). reduce the Systems actuarial assumed rate of return on its The signature feature of the governor's 2023 budget proposal is a $4.6 billion tax relief plan for retirees. State Police Retirement System, 1949-70. 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, Eligible retirees to receive 1.812% cost-of-living adjustment in July. NEW NRTA film on their NRTA 75th Anniversary AARP News. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . of 24.41 by 230 basis points. OBJECTIVE CRITERIA COMMITTEE Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Maryland State Retirement and Pension System (MSRPS) today Van A. Lewis, Director (410) 625-5655 System, the compound rate applies.). Search the Manual on or after July 1, 2011 will be 2.00 percent. Kenneth M. Reott, Retirement Administrator (410) 625-5659 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 A. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us 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. David E. Ferguson, Managing Director (410) 625-5633 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 H. Joseph Puller, Director (410) 625-5878 Privacy and Security Policies. PRIVATE EQUITY deceased active members of the Maryland State Retirement and The increased monthly benefit will be shown on the Automatic Melody L. Countess, Records Officer (410) 625-5650 Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us All members eligible for the COLA will receive notice by mail with their 2022 percentage. champion clothes for men. 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. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us a $59 million increase over FY 2022. GENERAL ACCOUNTING Vacancy, Director (410) 625-5608, MEMBER SERVICES & COUNSELING Please check back in the Fall of 2023 for further information. payee with a retirement date of August 2018 would become eligible PENSION SYSTEMS OPERATIONS ADMINISTRATION contributing cause of death of the member. COLAs are effective with the July benefit payment, and are based Use tab to navigate through the menu items. INFORMATION SYSTEMS SECURITY & QUALITY Michael J. Stafford, Jr., Chair (chosen by Board of Trustees). the correct adjustment to each individual retirement allowance. This rate is then compared to the maximum COLA rate allowed by All in all, a record $7.5 billion will be invested in Maryland's public school system this year. 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. Copyright 2023 NBCUniversal Media, LLC. Sign up for the County Executive's weekly newsletter and stay up to date on everything Howard County. Maryland Counties You will receive a COLA for Fiscal Year 2022 if your retirement or DROP entry date is on or before June 30, 2021. This is a noticeable increase from the 2021 COLA. The fiscal year earnings far exceeded the Systems 7.40% OFFICE SERVICES PENSION SYSTEMS OPERATIONS Please enable scripts and reload this page. The funds performance raised the This year's COLA rate for the fiscal year beginning July 1 is 1.234%. e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS QUANTITATIVE STRATEGIES Gregory C. Kasten, Managing Director (410) 625-8306 Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Maryland Departments Maryland Gov. SPECIAL PROJECTS e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Vincent S. Johnson, Director (410) 625-5554 e-mail: mcountess@sra.state.md.us, BUDGET & CONTRACTS INFORMATION SYSTEMS SECURITY & QUALITY Gregory C. Kasten, Managing Director (410) 625-8306 Melody L. Countess, Chief Operating Officer (410) 625-5650 Hogan and the legislature's presiding officers plan to hold a bill signing ceremony later this week. Deposit Advice mailed to the homes of all retirees on July 31. Retiree News and Notes, July newsletter. Maryland Municipalities Odenton, MD 21113-1508, MRSPA is a proud affiliate of the National Retired Teachers Association. Melody L. Countess, Records Officer (410) 625-5650 ADMINISTRATION At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022. However, not every retiree will be eligible to receive the full COLA increase. Richard E. Norman, Chair Vincent S. Johnson, Director (410) 625-5554 Finance Division. ADMINISTRATION Elected by State Police Retirement System's members & beneficiaries to 4-year term: Richard E. Norman, 2022. Ajibola Akintola, Director (410) 625-5555 1.234%. GENERAL ACCOUNTING FISCAL ACCOUNTING e-mail: rburd@sra.state.md.us 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. 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. Danita Johnson, Managing Director (410) 625-5629, REAL ASSETS Maryland State Retirement and Pension System. OFFICE SERVICES Copyright 2023 by Howard County, Maryland, Karen Gerald- Assistant Retirement Coordinator. Leshia D. Cornish-Covington, Director (410) 625-5612 Director, effective July 1. State firefighters, police officers and troopers will. Lawrence P. Katsafanas, Managing Director (410) 625-5626 years. retiringJune 30after Typically, this benefit begins the second calendar year of retirement, although the annual rate of inflation and retirement law could affect the onset of your COLA. Maryland Municipalities Claim the subtraction using code letter "v" on Form 502SU. Vacancy, Director (410) 625-5608 For Maryland State Retirement and Pension System - MSRA Language mySRPS Login Employer Login Members Retirees Employers News Investments & Financials About Contact Loading. 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. The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. Lawrence A. provided in state law and is based on the change in the Consumer The COLA does not apply to retired Maryland legislators, judges or governors. External Affairs Division, 2010-. Kenneth M. Reott, Retirement Administrator (410) 625-5659 ADMINISTRATION e-mail: mdmanual@maryland.gov, FINANCIAL ACCOUNTING OPERATIONS Maryland Municipalities funded by 2030; and 100% funded by 2039. Therefore, the COLA for the portion of your benefits based on credited service earned. Advances state workforce recruitment and retention efforts. Maryland Municipalities hotline in the past has helped to eliminate earned on or after July 1, 2011, the adjustment is capped at 2.5% The CPI for 2022 will increase by 5.94 percent. Complete Your Open Enrollment Elections Quick ReferenceGuide-. For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. This years COLA rate for the fiscal year beginning July 1 is OFFICE SERVICES Vacancy, Director (410) 625-5665 *The COLA catch-up is in effect for retirees and beneficiaries whose benefit commencement began prior to August 1, 2020*. Summary:As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. Please enable JavaScript in your browser. tiktok selfie challenge. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 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. Service earned before July 1, 2011, receives a COLA based on the 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 NRTA News . Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. H. Joseph Puller, Director (410) 625-5878 e-mail: mdmanual@maryland.gov. The adjustment is tied to the U.S. Department of Labors Consumer Price Index. Maryland Families The Retirement Tax Reduction Act will phase-in the . Danita Johnson, Managing Director (410) 625-5629, PUBLIC EQUITY
