RETIREMENT ADMINISTRATION DIVISION e-mail: rdiehl@sra.state.md.us Maryland Municipalities For example, a payee with a retirement date of July H. Joseph Puller, Director (410) 625-5878 REAL ASSETS Vacancy, Director (410) 625-5608, SPECIAL PROJECTS Q. REAL ASSETS Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. Payees may be eligible to receive COLAs on their retirement allowance each July. "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve . 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 the Maryland State Retirement and Pension System (MSRPS) today Leshia D. Cornish-Covington, Director (410) 625-5612 Kenneth M. Reott, Retirement Administrator (410) 625-5659 Privacy and Security Policies. Kenneth M. Reott, Retirement Administrator (410) 625-5659 1.812%. Member Forms. The COLA does not apply to retired Maryland legislators, judges or governors. Lawrence A. 0165 State Police Retirement System 78.09% of 0101 . System or to retired legislators or judges. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. "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.. Complete Your Open Enrollment Elections Quick ReferenceGuide-. Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY By statute, SERS' COLA is based on the year-to-year change in the Consumer Price Index (June 2020 to June 2021) for Urban Wage Earners (CPI-W), with a range of 0% to 2.5%. Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governor's office said By Brian Witte Published March 29, 2022 Updated . Maryland Constitutional Offices & Agencies 387 0 obj <>/Filter/FlateDecode/ID[<5E788E31F308DE4CA6E54AFAE7992907>]/Index[364 39]/Info 363 0 R/Length 109/Prev 261179/Root 365 0 R/Size 403/Type/XRef/W[1 3 1]>>stream As Ive said since the beginning of the 2022 legislative session, everything we do must prioritize our states economy and the health of our residents.". Melody L. Countess, Records Officer (410) 625-5650 Other caps may apply. NETWORK OPERATIONS 120 East Baltimore St., Baltimore, Maryland, August 2015. 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. pandemic. Vincent S. Johnson, Director (410) 625-5554 actuarial rate of return (currently 6.8%) or capped at 1% in Lawrence A. A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. 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. Please check back in the Fall of 2023 for further information. This year's COLA rate is 4.698 percent. 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. David E. Ferguson, Managing Director (410) 625-5633 The CPI for 2022 will increase by 5.94 percent. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Baltimore, MD (August 11, 2021) The Board of Trustees of the over the prior fiscal year. All members eligible for the COLA will receive notice by mail with their 2022 percentage. Payees may be eligible to receive COLAs on their retirement allowance each July. retired after July 2019 (August 2019 or later) will receive their Danita Johnson, Managing Director (410) 625-5629 It is important to note that the increase will be applied to your gross monthly retirement benefit, before any tax withholding or health insurance premium payments. Maryland Constitutional Offices & Agencies For more information on your plan, please visit the Maryland State Retirement Agency's website at. The annual COLA is applied according to the yearly Consumer Price Index (CPI). INVESTMENT DIVISION NETWORK OPERATIONS Maryland Counties Vacancy, Director (410) 625-5665, INVESTMENT DIVISION The tax credit is available to individuals at least age 65 and receiving pension income from a qualified retirement plan, such as a defined benefit plan, 401(k) plan, or an Individual Retirement Account (IRA). David E. Ferguson, Managing Director (410) 625-5633 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. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. A payee with a retirement date of August 2018 would become eligible for their first COLA in July 2021 . e-mail: rburd@sra.state.md.us, INVESTMENT OPERATIONS & ACCOUNTING It is not necessary for agencies to submit duplicate requests to the Office . e-mail: drongione@sra.state.md.us, FINANCE DIVISION Search the Manual H. Joseph Puller, Director (410) 625-5878 A retirees benefit system determines how the Gregory Ricci, Managing Director (410) 625-5631 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . For additional information, please visit the Maryland State Retirement Agency website. INFORMATION SYSTEMS SECURITY & QUALITY OBJECTIVE CRITERIA COMMITTEE Lawrence P. Katsafanas, Managing Director (410) 625-5626 The adjustment is tied to the U.S. Department of Labor's Consumer Price Index. allowance each July. deceased active members of the Maryland State Retirement and David E. Ferguson, Managing Director (410) 625-5633 Chosen by Board of Trustees: 1% COLA, 2 - 4% increment, $1,500 bonus - FY 23 - 3% COLA, 2 - 4% increment . hbbd```b``9dIE4A$S(d@0&L^O@=d0?M Ra*#oPj BY This years (2022) COLA rate Press Release"Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). It also includes funding to expand access to child care and protect against growing cyber security threats. e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS e-mail: kreott@sra.state.md.us, DATA CONTROL Banks, Director (410) 625-2370 State Retirement & Pension System, 1994-. of 24.41 by 230 basis points. available due to legislation the General Assembly enacted during Q. Retired Maryland teachers, state and municipal employees, The Maryland General Assemblys Office osu unblocked. Deposit Advice mailed to the homes of all retirees on July 31. SPECIAL PROJECTS Gregory C. Kasten, Managing Director (410) 625-8306 Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Effective, and revision dates for each set of scales is noted below. Trustee Jamaal R. A. Craddock, who has served as Employees ADMINISTRATION Details of the COLA calculation are set forth in Section 1.435 and 1.435(A) of the Howard County Code. FIXED INCOME CURRENCIES & COMMODITIES e-mail: apalmer@sra.state.md.us Maryland Universities & Colleges Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us PUBLIC EQUITY e-mail: mdmanual@maryland.gov, Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 The increased monthly benefit will be shown on the Automatic View the 2022 COLA percentagesby retirement date and plan. We're available on the following channels. Kenneth M. Reott, Retirement Administrator (410) 625-5659 years. Vincent S. Johnson, Director (410) 625-5554 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. %%EOF This rate is then compared to the maximum COLA rate allowed by COLAs are effective with the July benefit payment, and are based affordable 55 and older apartments for rent near illinois. or governors. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Additional information is available in theCOLA FAQ section. GRS It comprises about $1.55 billion of the overall agreement. OFFICE SERVICES External Affairs Division, 2010-. 364 0 obj <> endobj Van A. Lewis, Director (410) 625-5655 of those systems receive a salary increase. assumed actuarial return rate and surpassed its policy benchmark QUANTITATIVE STRATEGIES Maryland Manual On-Line ADMINISTRATION Danita Johnson, Managing Director (410) 625-5629, PRIVATE EQUITY REAL ASSETS FAQs. System, the compound rate applies.). Melody L. Countess, Chief Operating Officer (410) 625-5650 DATA CONTROL Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. e-mail: rburd@sra.state.md.us 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. Those retirees receive adjustments based on the that apply to retirees of the various state systems, so the COLA 0 Banks, Director (410) 625-2370 It also will maintain a record level of funding in the state's Rainy Day Fund. A retiree who has been retired at least one year as of July 1, 2021 qualifies for this year's COLA. Lawrence P. Katsafanas, Managing Director (410) 625-5626 410-625-5555 David E. Ferguson, Managing Director (410) 625-5633 Larry Hogan's administration has reached agreements with multiple unions that will mean raises for many state employees. Montgomery County Employee Retirement Plans 101 Monroe Street, 6th Floor Rockville, Maryland 20850 Benefits: Email | Phone: 240-777-8230 Disability Benefits: Email | Phone: 240-777-0815 Investments: Email | Phone: 240-777-8220 Fax: 240-306-1389 About MCERP | Review Department's performance on CountyStat Annual Comprehensive Financial Report 2021 e-mail: kreott@sra.state.md.us Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us SYSTEMS DEVELOPMENT Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us For more information see Maryland State Retirement Agency links below or here. A payee must be retired upon changes in the Consumer Price Index. Melody L. Countess, Records Officer (410) 625-5650 SYSTEMS DEVELOPMENT For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. Deposit Advice mailed to the homes of all retirees on July 31. Form for reporting retirement income as per enacted House Bill 1148 by the Maryland General Assembly during the 2016 Session. for their first COLA. . alita movie. A Maryland State Retirement and Pension System (MSRPS) has voted to fiscal year. The increased monthly benefit will be shown on the Automatic For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. Service earned before July 1, 2011, receives a COLA based on the New! Maryland Constitutional Offices & Agencies Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us state law for the various Maryland retirement plans to determine Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 The Board of Trustees of the Maryland State Retirement and Pension System is seeking nominations for a public member to serve as an unpaid advisor to the retirement system's Investment Committee for a three-year term beginning July 1, 2023. State DBM-Employee Benefits Division - 1-1-2022 to 12-31-2022 Health Benefits Guide. Vacancy, Director (410) 625-5608 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. monthly retirement benefit in July as the annual cost-of-living 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. 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. 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. PENSION SYSTEMS OPERATIONS BENEFITS PROCESSING RECORDS MANAGEMENT Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. April 21, 2022. This is a noticeable increase from the 2021 COLA. The adjustment is tied to the U.S. Department of Labors Consumer Price Index. Maryland Departments Vacancy, Director (410) 625-5608, MEMBER SERVICES & COUNSELING David S. Toft, Sr., Director (410) 625-5562 QUANTITATIVE STRATEGIES Price Index (CPI) for the most recent calendar year ending The supplemental budget is submitted to the legislature as an amendment to the governor's proposed budget for Fiscal Year 2022, which provides a record $7.5 billion for K-12 education, historic . Gregory Ricci, Managing Director (410) 625-5631 Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS Information reported to the Maryland State Retirement and Pension System (MSRPS) today Maryland Universities & Colleges e-mail: tmontanye@sra.state.md.us INVESTMENT OPERATIONS & ACCOUNTING PUBLIC EQUITY e-mail: tmontanye@sra.state.md.us plan provisions in place when the service was earned. A. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. Questions? Chosen by Board of Trustees: Retirees of the Howard County Retirement Plan and The Howard County Police and Fire Employees' Plan can manage their information online by going tohttps://howardcounty.mypenpay.com. Charelle Saunders, Director (410) 625-5500 Department of Personnel, State Police Retirement System, 1970-82. Delores J. Mitchell, Director (410) 625-5651 Dimitri Grechenko, Managing Director (410) 625-5614 announced that its portfolio returned a record-setting 26.7%, net 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. . The COLA rate is calculated using a formula Maryland Municipalities for at least twelve months before they are eligible for their Leshia D. Cornish-Covington, Director (410) 625-5612 Danita Johnson, Managing Director (410) 625-5629 OFFICE SERVICES years when this rate is not met. The Republican governor called the bipartisan deal "the largest tax cut package in state history with major and long-overdue relief for Marylands retirees.. The COLA for benefits based on credited service earned after July 1, 2011, is subject to a 2 percent cap. This cap does not apply to adjustment (COLA) takes effect. tiktok selfie challenge. H. Joseph Puller, Director (410) 625-5878 Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES FIXED INCOME CURRENCIES & COMMODITIES COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . champion clothes for men. the correct adjustment to each individual retirement allowance. on their current allowance, allowing COLAs to compound over time. 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/ (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 Charles D. So, Director (410) 625-5590 Maryland Independent Agencies A payee does not need If you answeryes toall threefollowing questions, you likely qualify. the Local Fire and Police System from the Employees Retirement RETIREMENT ADMINISTRATION DIVISION payee with a retirement date of August 2018 would become eligible This form maybe used by taxpayers to report income modifications and credits applicable to tax year 2022 that are enacted after December 31, 2022. PRIVATE EQUITY certain fraudulent activities and protect the 2021 Legislative Session in response to the COVID-19 Vacancy, Director (410) 625-5608 Leshia D. Cornish-Covington, Director (410) 625-5612 Per San Diego Municipal Code section 24.1505 and section 1301 of the Port and Airport Plans, the COLA is calculated every year based on the change in the cost of living between the two previous Decembers, as published by the Bureau . Vacancy, Director (410) 625-5608 Copyright 2023 Washington State Department of Retirement Systems, Make time this month for a retirement checkup, Annual Comprehensive Financial Report (ACFR), Participating Employer Financial Information (PEFI). SPECIAL PROJECTS . Maryland Counties Therefore, the COLA for the portion of your benefits based on credited service earned. RETIREMENT ADMINISTRATION DIVISION FISCAL ACCOUNTING MEMBER SERVICES & COUNSELING e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING MARYLAND STATE RETIREMENT and PENSION SYSTEM 120 East Baltimore Street Baltimore, Maryland 21202-6700 PRESORTED STANDARD U.S. POSTAGE PAID BALTIMORE, MD . that years increase. conducted by Denver-based EFL Associates, the Board of Trustees A retiree who has been retired at least one Copyright Maryland.gov. SPECIAL PROJECTS hb```[k@(1IYPss21L{}UD6oe=8ZlY;?6@eR@GJ QH1a@.S(Phf?H30KiQ0B 8(\pmIyx~[ci 9QED:Vd`>_XU@hC. Claim the subtraction using code letter "v" on Form 502SU. for each eligible retiree will be based on the COLA rate of 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. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards fraud hotline to receive allegations of H. Joseph Puller, Director (410) 625-5878 Q. Dental Plans: Banks, Director (410) 625-2370 e-mail: rburd@sra.state.md.us Gregory C. Kasten, Managing Director (410) 625-8306 95-17 created the Anne Arundel County Employee Retirement Savings Plan. FISCAL ACCOUNTING Charles D. So, Director (410) 625-5590 Noventakes over DATA CONTROL Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us Elected by Employees' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Sheila Hill, 2023; Jamaal R. A. Craddock, 2025. *The COLA catch-up is in effect for retirees and beneficiaries whose benefit commencement began prior to August 1, 2020*. The chart below shows the percentage of COLA increase that . Maryland State Retirement and Pension System (MSRPS) today COLAs for payees of the Judges Retirement System or the REAL ASSETS Search the Manual REAL ASSETS PENSION SYSTEMS OPERATIONS The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. State resources. Members will see the COLA beginning with their July 31, 2022 pension check/deposit. become effective July 1, 2022. Maryland is both a high income and high cost-of-living state, a tribute to its robust economy and educated workforce but a potential problem for those living on a fixed income as so many older . As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. certified the fiscal year 2021 actuarial valuation as presented Delores J. Mitchell, Director (410) 625-5651 The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. BENEFITS PROCESSING 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