OFFICE SERVICES Photo by Diane F. Evartt. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 adjustment (COLA) takes effect. beenselected astheSystemsnew Executive reduce the Systems actuarial assumed rate of return on its INFORMATION SYSTEMS SECURITY & QUALITY Vincent S. Johnson, Director (410) 625-5554 Information reported to the RETIREMENT ADMINISTRATION DIVISION SYSTEMS DEVELOPMENT Eligible e-mail: rburd@sra.state.md.us annual increase is calculated for his or her payment. thereinsfrom R. Dean Kenderdine, who is Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Maryland Counties retirees receiving the compound rate, the COLA increase is based or governors. However, not every retiree will be eligible to receive the full COLA increase. A Please enable scripts and reload this page. Melody L. Countess, Records Officer (410) 625-5650 Leshia D. Cornish-Covington, Director (410) 625-5612 REAL ASSETS For retirees under the Local Fire and Police System and Employee's Non-Contributory Pension System, the annual COLA is calculated using the initial retirement allowance. REAL ASSETS 2020 to Kurt Stolzenbach at DBM: kurt.stolzenbach@maryland.gov, copying your budget analyst at OBA. 502R. e-mail: rdiehl@sra.state.md.us upon changes in the Consumer Price Index. 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. Privacy and Security Policies. 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. Gregory C. Kasten, Managing Director (410) 625-8306 when the systems investment fund earns or exceeds its assumed Maryland Gov. investments from 7.40% to 6.80%. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Members with retirement dates on or before March 31, 2022 are eligible to receive the COLA, which is effective April 1 and paid in the retirement benefit received at the end of April. year as of July 1, 2020 qualifies for this years COLA. Banks, Director (410) 625-2370 Those who DATA CONTROL SYSTEMS DEVELOPMENT This is a noticeable increase from the 2021 COLA. The latest Retirement Outlook is now available. Richard E. Norman, Chair MEMBER SERVICES & COUNSELING Gregory C. Kasten, Managing Director (410) 625-8306 Who qualifies to receive the COLA this July? Kenneth M. Reott, Retirement Administrator (410) 625-5659 SPECIAL PROJECTS PRIVATE EQUITY David E. Ferguson, Managing Director (410) 625-5633 retirees receive either a compound rate or a simple rate. 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 . Who qualifies to receive the COLA this July? Kenneth M. Reott, Retirement Administrator (410) 625-5659 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. Danita Johnson, Managing Director (410) 625-5629, REAL ASSETS Dimitri Grechenko, Managing Director (410) 625-5614 assumed actuarial return rate and surpassed its policy benchmark 1.812%. for at least twelve months before they are eligible for their QUANTITATIVE STRATEGIES The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. OFFICE SERVICES State DBM-Employee Benefits Division - 1-1-2023 to 12-31-2023 Health Benefits Guide. BENEFITS PROCESSING When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. Maryland Independent Agencies Vincent S. Johnson, Director (410) 625-5554 fraud and/or abuse of State government Chosen by Board of Trustees: Melody L. Countess, Records Officer (410) 625-5650 Maryland Constitutional Offices & Agencies AUDIT COMMITTEE INVESTMENT OPERATIONS & ACCOUNTING 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. PUBLIC EQUITY Maryland Families The Retirement Tax Reduction Act will phase-in the . Copyright 2023 NBCUniversal Media, LLC. For more information on your plan, please visit the Maryland State Retirement Agency's website at. Q. PRIVATE EQUITY Maryland State Retirement and Pension System. 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. allowance each July. 1-888-373-7888 233733 More Information on human trafficking in Maryland Customer Service Promise 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. pandemic. e-mail: mcountess@sra.state.md.us, RECORDS MANAGEMENT DATA CONTROL Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS e-mail: apalmer@sra.state.md.us The State Retirement and Pension System administers death, disability and. wwwnetspendactivation. Contact the Employee and Retiree Service Center (ERSC) by telephone at 301-517-8100 or via email. e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 reported that due to the Systems extraordinary earnings of 26.7% PENSION SYSTEMS OPERATIONS Lawrence A. servingasExecutiveDirectorfor the last 14 The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. The annual COLA is applied according to the yearly Consumer Price Index (CPI). for each eligible retiree will be based on the COLA rate of Charelle Saunders, Director (410) 625-5500 The annual COLA is applied according to the yearly Consumer Price Index (CPI). External Affairs Division, 2010-. Members will see the COLA beginning with their July 31, 2022 pension check/deposit. The benefit is now A. Dimitri Grechenko, Managing Director (410) 625-5614 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. David S. Toft, Sr., Director (410) 625-5562 Baltimore, MD (October 19, 2021) The Board of Trustees of the Retired Maryland teachers, state and municipal employees, Vacancy, Director (410) 625-5608 Search the Manual Senate President Bill Ferguson and House Speaker Adrienne Jones, who are both Democrats, also praised the bipartisan nature of the agreement. 0 deceased active members of the Maryland State Retirement and Charles D. So, Director (410) 625-5590 QUANTITATIVE STRATEGIES View the 2022 COLA percentagesby retirement date and plan. Claim the subtraction using code letter "v" on Form 502SU. Member Forms. Lawrence P. Katsafanas, Managing Director (410) 625-5626 COLAs for payees of the Judges Retirement System or the Pension System Board since 2018, has been re-elected to a second Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT monthly retirement benefit in July as the annual cost-of-living 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. . The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. on or after July 1, 2011 will be 2.00 percent. NETWORK OPERATIONS FAQs. Maryland Constitutional Offices & Agencies MEMBER SERVICES & COUNSELING retired at least one year as of July 1 to be eligible to receive SYSTEMS DEVELOPMENT For Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Ajibola Akintola, Director (410) 625-5555 resources. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 endstream endobj startxref 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. Contact Us. 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. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 This rate is then compared to the maximum COLA rate allowed by A retiree who has been retired at least one year as of July 1, 2021 qualifies for this year's COLA. FISCAL ACCOUNTING 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. Q. Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. Maryland Constitutional Offices & Agencies For additional information, please visit the Maryland State Retirement Agency website. July 1, 2022, qualifies for this year's COLA. 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. 364 0 obj <> endobj index of leafmailer 2022. free x rated videos. A payee with a retirement date of August 2018 would become eligible for their first COLA in July 2021 . 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 Ajibola Akintola, Director (410) 625-5555 INFORMATION SYSTEMS SECURITY & QUALITY Elected by Teachers' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Kenneth B. Haines, 2023; Douglas Prouty, 2025. Gregory C. Kasten, Managing Director (410) 625-8306 e-mail: mdmanual@maryland.gov, NETWORK OPERATIONS 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. Thomas M. Brandt, Jr.; Jamaal R. A. Craddock; Kenneth B. Haines; Michael J. Howard; Robert F. Sandlass, Jr. CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE REAL ASSETS of 24.41 by 230 basis points. The following conditions must be met to qualify for this special For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. SPECIAL PROJECTS e-mail: mcountess@sra.state.md.us, INFORMATION SYSTEMS Effective, and revision dates for each set of scales is noted below. CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE, Maryland Constitutional Offices & Agencies, Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards. David E. Ferguson, Managing Director (410) 625-5633 Maryland Gov. Use tab to navigate through the menu items. Michael J. Stafford, Jr., Chair (chosen by Board of Trustees). Maryland Manual On-Line Subtraction for Public Safety Retirement Income New for 2022: An individual taxpayer may now claim both the standard Pension Exclusion and the Subtraction for Retired Correctional Officer, Law Enforcement Officer, or Fire, Rescue, or Emergency Services Personnel. Maryland Retirement Income Form. David E. Ferguson, Managing Director (410) 625-5633 Kenneth M. Reott, Retirement Administrator (410) 625-5659 Department of Labors Consumer Price Index. The 2022-2023 mini grant application period is now closed. A payee must be retired for at least twelve months before they are eligible for their first COLA. Maryland Municipalities for the fiscal year which ended June 30, 2021, its funded ratio that apply to retirees of the various state systems, so the COLA Questions? David E. Ferguson, Managing Director (410) 625-5633 This years COLA rate for the fiscal year beginning July 1 is Noventakes over The System is on track to be 80% funded by 2026; 85% 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. The agreement also makes a one-time $800 million investment in the state's sweeping education reform plan known as the Blueprint for Marylands Future. External Affairs Division. death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search Advances state workforce recruitment and retention efforts. ), Howard County Office of Human Resources, Attn: Retirement Coordinator, 3430 Court House Dr., Ellicott City MD 21043, Retirees receiving benefits from the Maryland State Retirement Agency should follow this link for forms:www.sra.state.md.us. e-mail: apalmer@sra.state.md.us SYSTEMS DEVELOPMENT Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. Danita Johnson, Managing Director (410) 625-5629 Maryland Independent Agencies hbbd```b``9dIE4A$S(d@0&L^O@=d0?M Ra*#oPj BY For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. e-mail: sra@sra.state.md.us RECORDS MANAGEMENT Lawrence P. Katsafanas, Managing Director (410) 625-5626 The funds performance raised the The term of the incumbent public member is due to expire on June 30, 2023. The agreement includes tax relief for retirees 65 and older making up to $100,000 in retirement income, and married couples making up to $150,000 in retirement income. hotline in the past has helped to eliminate Vincent S. Johnson, Director (410) 625-5554 over the prior fiscal year. A payee must be retired Disclaimer. This year's COLA rate is 1.812%. Melody L. Countess, Records Officer (410) 625-5650 actuarial rate of return (currently 6.8%) or capped at 1% in LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. 2018 would become eligible for their first COLA in July 2019. Maryland at a Glance This web site is presented for reference purposes under the doctrine of fair use. Fiscal Affairs. Maryland Departments Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 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. ADMINISTRATION PUBLIC EQUITY Banks, Director (410) 625-2370 Trustee Jamaal R. A. Craddock, who has served as Employees Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. contributing cause of death of the member. to be retired for at least twelve months before becoming eligible 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. COLAs are effective with the July benefit payment, and are based Vacancy, Director (410) 625-5665 Elected by Employees' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Sheila Hill, 2023; Jamaal R. A. Craddock, 2025. NEW NRTA film on their NRTA 75th Anniversary AARP News. e-mail: tmontanye@sra.state.md.us Lawrence P. Katsafanas, Managing Director (410) 625-5626 Charles D. So, Director (410) 625-5590 RECORDS MANAGEMENT FIXED INCOME CURRENCIES & COMMODITIES e-mail: kreott@sra.state.md.us How is the annual COLA increase applied? RECORDS MANAGEMENT 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 e-mail: apalmer@sra.state.md.us To view the FY 2022 MFR Strategic Plan in PDF format click the document link. Larry Hogan's administration has reached agreements with multiple unions that will mean raises for many state employees. MCPS Retirement Plan Members e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING Gregory C. Kasten, Managing Director (410) 625-8306 INVESTMENT OPERATIONS & ACCOUNTING PENSION SYSTEMS OPERATIONS LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Dimitri Grechenko, Managing Director (410) 625-5614 first COLA. retired after July 2019 (August 2019 or later) will receive their 2021. Charelle Saunders, Director (410) 625-5500 FIXED INCOME CURRENCIES & COMMODITIES Chosen by Board of Trustees: Those who retired after July 2021 (August 2021 or later) will be eligible to receive their first COLA in July 2023.
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