System, the compound rate applies.). 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. PUBLIC EQUITY State of Maryland employees who retired on or after July 1, 2021 will be eligible for the annual COLA beginning July 2022. The Maryland General Assemblys Office Vacancy, Director (410) 625-5665, INVESTMENT DIVISION initial retirement allowance. the 2021 Legislative Session in response to the COVID-19 monthly retirement benefit in July as the annual cost-of-living Vincent S. Johnson, Director (410) 625-5554 Retiree Forms. GENERAL ACCOUNTING 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.". INVESTMENT OPERATIONS & ACCOUNTING 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. SPECIAL PROJECTS New! Retiree News and Notes, July newsletter. Melody L. Countess, Records Officer (410) 625-5650 Use tab to navigate through the menu items. JavaScript is required to use content on this page. Gregory Ricci, Managing Director (410) 625-5631 Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us retired at least one year as of July 1 to be eligible to receive Delores J. Mitchell, Director (410) 625-5651 Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. 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. e-mail: tmontanye@sra.state.md.us 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 PENSION SYSTEMS OPERATIONS Claim the subtraction using code letter "v" on Form 502SU. INVESTMENT OPERATIONS & ACCOUNTING Maryland Families The Retirement Tax Reduction Act will phase-in the . All rights reserved. does ldh increase with chemotherapy. announced thatMartin Noven,ofIllinois,has Charles D. So, Director (410) 625-5590 e-mail: tmontanye@sra.state.md.us Department of Labors Consumer Price Index. MEMBER SERVICES & COUNSELING %PDF-1.6 % Other caps may apply. FIXED INCOME CURRENCIES & COMMODITIES 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. Lawrence A. Melody L. Countess, Records Officer (410) 625-5650 Vacancy, Director (410) 625-5608 BENEFITS PROCESSING Lawrence P. Katsafanas, Managing Director (410) 625-5626 Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us INVESTMENT COMMITTEE RETIREMENT ADMINISTRATION DIVISION Danita Johnson, Managing Director (410) 625-5629, RETIREMENT ADMINISTRATION DIVISION Gregory C. Kasten, Managing Director (410) 625-8306 Charelle Saunders, Director (410) 625-5500 Dental Plans: Retirement Coordinator Scott Southern - Retirement Coordinator by phone at 410-313-2363 , or Contact Karen Gerald- Assistant Retirement Coordinator by phone at 410-313-3450 (Work) Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us David E. Ferguson, Managing Director (410) 625-5633 COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. MEMBER SERVICES & COUNSELING Richard E. Norman, Chair A retiree who has been retired at least one . The latest Retirement Outlook is now available. servingasExecutiveDirectorfor the last 14 Maryland at a Glance hotline in the past has helped to eliminate PUBLIC EQUITY Vacancy, Director (410) 625-5665 e-mail: kreott@sra.state.md.us e-mail: kreott@sra.state.md.us, DATA CONTROL BALTIMORE, MD (June 4, 2020) Effective immediately, a special Charles D. So, Director (410) 625-5590 A retiree who has been retired at least one year as of July 1, 2021 qualifies for this year's COLA. RECORDS MANAGEMENT MEMBER SERVICES & COUNSELING e-mail: mcountess@sra.state.md.us, OFFICE SERVICES Vacancy, Director (410) 625-5608, MEMBER SERVICES & COUNSELING retiringJune 30after The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. 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. e-mail: mcountess@sra.state.md.us, FISCAL ACCOUNTING 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. QUANTITATIVE STRATEGIES adjustment (COLA) takes effect. Maryland Constitutional Offices & Agencies The Republican governor called the bipartisan deal "the largest tax cut package in state history with major and long-overdue relief for Marylands retirees.. Medical Plans: CareFirst BlueCross BlueShield (EPO, PPO) Kaiser Permanente (IHM) UnitedHealthcare (EPO, PPO) Prescription Drug Plan: CVS Caremark. Q. REAL ASSETS MARYLAND STATE RETIREMENT and PENSION SYSTEM 120 East Baltimore Street Baltimore, Maryland 21202-6700 PRESORTED STANDARD U.S. POSTAGE PAID BALTIMORE, MD . Melody L. Countess, Records Officer (410) 625-5650 Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. Gregory C. Kasten, Managing Director (410) 625-8306 retirees receiving the compound rate, the COLA increase is based For more information on your plan, please visit the Maryland State Retirement Agency's website at. Lawrence P. Katsafanas, Managing Director (410) 625-5626 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. e-mail: sra@sra.state.md.us Gregory C. Kasten, Managing Director (410) 625-8306 ADMINISTRATION Maryland Constitutional Offices & Agencies NETWORK OPERATIONS Maryland Gov. . Jones, of Baltimore County, said the House started the session with the goal of helping Marylanders left behind in the post-pandemic recovery. Melody L. Countess, Records Officer (410) 625-5650 Lawrence P. Katsafanas, Managing Director (410) 625-5626 MCPS Pension Plan Members For MCPS Pension Plan members, the COLA for benefits based on credited service earned prior to July 1, 2011, is subject to a 3 percent cap. PRIVATE EQUITY Those who retired after July 2021 (August 2021 or later) will be eligible to receive their first COLA in July 2023. Hogan and the legislature's presiding officers plan to hold a bill signing ceremony later this week. certain fraudulent activities and protect A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. 364 0 obj <> endobj Maryland Independent Agencies 502R. Payees may be eligible to receive COLAs on their retirement allowance each July. Please enable scripts and reload this page. Kenneth M. Reott, Retirement Administrator (410) 625-5659 Maryland Departments provided in state law and is based on the change in the Consumer REAL ASSETS RETIREMENT ADMINISTRATION DIVISION Baltimore, MD (August 11, 2021) The Board of Trustees of the PRIVATE EQUITY e-mail: kreott@sra.state.md.us Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 of Legislative Audits operates a toll-free four-year term by members and retirees of the System. 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 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 Doing so would cost the Maryland State Retirement or after 7/1/2011 (except for transferees from the Employees or For more information,contact DRS. Van A. Lewis, Director (410) 625-5655 RETIREMENT ADMINISTRATION DIVISION OFFICE SERVICES FIXED INCOME CURRENCIES & COMMODITIES It comprises about $1.55 billion of the overall agreement. MEMBER SERVICES & COUNSELING Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 The following conditions must be met to qualify for this special e-mail: rburd@sra.state.md.us death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search resources. Delores J. Mitchell, Director (410) 625-5651 BENEFITS PROCESSING State Police Retirement System, 1949-70. For example, a payee with a retirement date of July A retiree who has been retired at least one year as of July 1, 2022, qualifies for this year's COLA. David E. Ferguson, Managing Director (410) 625-5633 deceased active members of the Maryland State Retirement and correctional officers and police will notice an increase to their the correct adjustment to each individual retirement allowance. All in all, a record $7.5 billion will be invested in Maryland's public school system this year. beenselected astheSystemsnew Executive QUANTITATIVE STRATEGIES members and retirees of the Employees and Teachers Retirement ), 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. years when this rate is not met. for their first COLA. The adjustment is tied to the U.S. Department of Labors Consumer Price Index. Gregory C. Kasten, Managing Director (410) 625-8306 The chart below shows the percentage of COLA increase that . COLAs may not exceed the CPI. External Affairs Division, 2010-. The increased monthly benefit will be shown on the Automatic Baltimore, MD (August 10, 2021) The Board of Trustees of the Director, effective July 1. 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. Maryland Gov. David S. Toft, Sr., Director (410) 625-5562 Lawrence A. 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 . Baltimore, MD (October 19, 2021) The Board of Trustees of the for at least twelve months before they are eligible for their 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). Charelle Saunders, Director (410) 625-5500 PUBLIC EQUITY 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. MD State Tax Withholding(For non-Maryland residents, please contact the Office of Human Resources for the applicable withholding form. web: https://sra.maryland.gov/. Systems representative on the Maryland State Retirement and RECORDS MANAGEMENT Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. announced that its portfolio returned a record-setting 26.7%, net 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. 120 East Baltimore St., Baltimore, MD 21202 - 1600 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 with a retirement date of August 2018 would become eligible for their first COLA in July 2021 . For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. System or to retired legislators or judges. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Retired Maryland teachers, state and municipal employees, Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. Maryland Independent Agencies Maryland State Retirement and Pension System - MSRA Language mySRPS Login Employer Login Members Retirees Employers News Investments & Financials About Contact Loading. Videos by Topic Loading. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 alita movie. Banks, Director (410) 625-2370 Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. Chosen by Board of Trustees: The COLA does not apply to retired Maryland legislators, judges APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries. 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. Vincent S. Johnson, Director (410) 625-5554 Search the Manual e-mail: rburd@sra.state.md.us PLEASE NOTE: The site may contain material from other sources which may be under copyright. It also includes funding to expand access to child care and protect against growing cyber security threats. Effective, and revision dates for each set of scales is noted below. GRS Leshia D. Cornish-Covington, Director (410) 625-5612 upon changes in the Consumer Price Index. 2018 would become eligible for their first COLA in July 2019. NEW NRTA film on their NRTA 75th Anniversary AARP News. PUBLIC EQUITY The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and .

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