PENSION SYSTEMS OPERATIONS Under the simple rate, the increase is based on the retirees Maryland State Retirement & Pension Systems, 1982-94. beenselected astheSystemsnew Executive SYSTEMS DEVELOPMENT For additional information, please visit the Maryland State Retirement Agency website. reported that due to the Systems extraordinary earnings of 26.7% osu unblocked. 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. retiringJune 30after Vacancy, Director (410) 625-5665, INVESTMENT DIVISION 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/ Retired Maryland teachers, state and municipal employees, This years COLA rate for the fiscal year beginning July 1 is Deposit Advice mailed to the homes of all retirees on July 31. first COLA increase in July 2021. 73 were here. Kenneth M. Reott, Retirement Administrator (410) 625-5659 Vacancy, Director (410) 625-5665 This is a result of the Consumer Price Index for All Urban Consumers (1967 = 100) that is 4.70% for 2021. by its independent actuary, Gabriel Roeder Smith & Co. (GRS). 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 agreement also makes a one-time $800 million investment in the state's sweeping education reform plan known as the Blueprint for Marylands Future. Sign up for the County Executive's weekly newsletter and stay up to date on everything Howard County. e-mail: kreott@sra.state.md.us, DATA CONTROL 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. FAQs. H. Joseph Puller, Director (410) 625-5878 Payees may be eligible to receive COLAson their retirement Banks, Director (410) 625-2370 Videos by Topic Loading. Michael J. Stafford, Jr., Chair (chosen by Board of Trustees). the correct adjustment to each individual retirement allowance. QUANTITATIVE STRATEGIES NETWORK OPERATIONS of Legislative Audits operates a toll-free Gregory C. Kasten, Managing Director (410) 625-8306 The bill allows for eligible employees to make a one-time . 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. Department of Personnel, State Police Retirement System, 1970-82. Jones, of Baltimore County, said the House started the session with the goal of helping Marylanders left behind in the post-pandemic recovery. AUDIT COMMITTEE QUANTITATIVE STRATEGIES Gregory C. Kasten, Managing Director (410) 625-8306 Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. Maryland Manual On-Line e-mail: mcountess@sra.state.md.us, BUDGET & CONTRACTS Additional information is available in theCOLA FAQ section. the 2021 Legislative Session in response to the COVID-19 . Who qualifies to receive the COLA this July? Lawrence A. BENEFITS PROCESSING 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. The chart below shows the percentage of COLA increase that . Copyright Maryland.gov. Kenneth M. Reott, Retirement Administrator (410) 625-5659 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. Maryland State Retirement and Pension System | Baltimore MD The adjustment is tied to the U.S. Department of Labors Consumer Price Index. Melody L. Countess, Records Officer (410) 625-5650 REAL ASSETS The fiscal year earnings far exceeded the Systems 7.40% Those who Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT The following conditions must be met to qualify for this special Danita Johnson, Managing Director (410) 625-5629 502R. PUBLIC EQUITY death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search SPECIAL PROJECTS The COLA rate is calculated using a formula provided in state law and is based on the change in the Consumer Price Index (CPI) for the most recent calendar year ending December 31, compared to the CPI for the prior calendar year. Maryland Constitutional Offices & Agencies Ajibola Akintola, Director (410) 625-5555 Maryland at a Glance for at least twelve months before they are eligible for their Charles D. So, Director (410) 625-5590 A payee must be retired for at least twelve months before they are eligible for their first COLA. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Each January 1, Montgomery County Public Schools (MCPS) Employees' Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). This is a noticeable increase from the 2021 COLA 364 0 obj <> endobj Vacancy, Director (410) 625-5665 INVESTMENT DIVISION David E. Ferguson, Managing Director (410) 625-5633 Lawrence P. Katsafanas, Managing Director (410) 625-5626 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. earned on or after July 1, 2011, the adjustment is capped at 2.5% David E. Ferguson, Managing Director (410) 625-5633 OFFICE SERVICES Elected by Employees' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Sheila Hill, 2023; Jamaal R. A. Craddock, 2025. Search the Manual specific terms of their plans. COLAs are effective with the July benefit payment, and are based For more information see Maryland State Retirement Agency links below or here. The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . FIXED INCOME CURRENCIES & COMMODITIES 20. OBJECTIVE CRITERIA COMMITTEE Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. Elected by State Police Retirement System's members & beneficiaries to 4-year term: Richard E. Norman, 2022. 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. Payees may be eligible to receive COLAs on their retirement allowance each July. 2020 to Kurt Stolzenbach at DBM: kurt.stolzenbach@maryland.gov, copying your budget analyst at OBA. PRIVATE EQUITY Trustee Jamaal R. A. Craddock, who has served as Employees Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us Gregory Ricci, Managing Director (410) 625-5631 The State Retirement and Pension System administers death, disability and. System or to retired legislators or judges. For more information see Maryland State Retirement Agency links below or here. Banks, Director (410) 625-2370 MEMBER SERVICES & COUNSELING Results of DATA CONTROL Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us correctional officers and police will notice an increase to their The last two years of the pandemic have shown the cracks in our states civic infrastructure, Ferguson, of Baltimore, said. GENERAL ACCOUNTING Contact Us. This cap does not apply to Form for reporting retirement income as per enacted House Bill 1148 by the Maryland General Assembly during the 2016 Session. become effective July 1, 2022. Gregory C. Kasten, Managing Director (410) 625-8306 SPECIAL PROJECTS Maryland Counties Delores J. Mitchell, Director (410) 625-5651 Those retirees receive adjustments based on the INVESTMENT OPERATIONS & ACCOUNTING The Systems lower rate will 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 . For 457b Plan participants, after you retire you can deal . Gregory C. Kasten, Managing Director (410) 625-8306 All in all, a record $7.5 billion will be invested in Maryland's public school system this year. Larry Hogan and leaders in the legislature have reached a $1.86 billion agreement for tax relief over five years for retirees, small businesses and low-income families, officials announced Monday. 2021. David M. Rongione, Chief Internal Auditor (410) 625-5586 External Affairs Division. Baltimore, MD (August 10, 2021) The Board of Trustees of the 120 East Baltimore St., Baltimore, Maryland, August 2015. e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. Q. RECORDS MANAGEMENT QUANTITATIVE STRATEGIES e-mail: rburd@sra.state.md.us Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us INVESTMENT DIVISION e-mail: rdiehl@sra.state.md.us Maryland Independent Agencies *The COLA catch-up is in effect for retirees and beneficiaries whose benefit commencement began prior to August 1, 2020*. hb```[k@(1IYPss21L{}UD6oe=8ZlY;?6@eR@GJ QH1a@.S(Phf?H30KiQ0B 8(\pmIyx~[ci 9QED:Vd`>_XU@hC. Use tab to navigate through the menu items. Those who retired after July 2021 (August 2021 or later) will be eligible to receive their first COLA in July 2023. REAL ASSETS RECORDS MANAGEMENT If you answeryes toall threefollowing questions, you likely qualify. The Maryland Retirement Tax Elimination Act. State Retirement & Pension System. Maryland at a Glance assumed actuarial return rate and surpassed its policy benchmark MFR (Managing for Results) - The MFR strategic plan outlines each agency's mission, vision, goals, objectives and performance metrics. %%EOF 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. e-mail: sra@sra.state.md.us Election Results & Monthly Registration Reports, Commission for Transitioning Students with Disabilities, Commission for Veterans & Military Families, Economic Development Authority Board of Directors, Housing Opportunities Trust Fund Advisory Committee, Howard County Domestic Violence Fatality Review Team, Human Trafficking Prevention Coordination Council, Spending Affordability Advisory Committee, Human Rights & Equity Commissions & Workgroups, Asian American Pacific Islander Workgroup, Dr. Martin Luther King, Jr., Holiday Commission, Howard County Circuit Courthouse Archives, Become A Registered Family Child Care Provider, Coalition To End Homelessness - Continuum Of Care, Community Service Partnership (CSP) Program, Coordinated System of Homeless Services (CSHS), Emergency Food and Shelter Program (EFSP), Homeless Management Information Systems (HMIS), 2024-2029 Howard County Hazard Mitigation Plan Update, State & Local Fiscal Recovery Funds (SLFRF) Survey, Alternate Payment & Document Processing Options, Citations: Tickets, Red Light, School Bus and Speeding, Youth Fire Prevention and Intervention Program, Adoption & Foster Care Homes Pre-Inspection Checklist, Criminal Justice Behavioral Health Services, COVID-19 Information for Healthcare Facilities & Providers, COVID-19 Information for Older Adults & High Risk Populations, COVID-19 Resources for Childcare & Schools, Tobacco/Vaping Use Prevention & Cessation, Construction or Remodeling of a Food Service Facility, Farmers Markets & Cottage Food Businesses, Food Facility Information for Non-Profits, Child Fatality Review (CFR) / Fetal & Infant Mortality Review (FIMR), Sexually Transmitted Infection (STI) Program, Moderate Income Housing Unit (MIHU) Program, Housing Opportunities Master Plan & Task Force, MIHU Information for Developers or Builders In Howard County, General Benefits Information & Price Tags, Health Insurance For Active Employees & Retirees, Liberty Mutual Auto & Homeowners Insurance Discounts, How To File a Complaint, Case Processing & Services, Procedure For Online Commercial Interior Plan Submittal, New Town Development Process & Procedures, Law Enforcement Assisted Diversion Program, Veteran-Owned Business Enterprise Program (VOBE), Transportation & Special Projects Division, Alpha Ridge Landfill Gas-To-Energy Project, Vulnerable Watershed Restoration and Resiliency Program, Little Patuxent Water Reclamation Division, Baltimore & Ohio Ellicott City Station Museum, Staff Directory, Inclement Weather & Program Status Lines, Current Shared Electric Scooter Operations, Complete Streets Infrastructure Improvement Projects, Current Howard County Transit Development Plan, Columbia Road Traffic Operations Assessment & Complete Streets Study, Oakland Mills Road Complete Streets Project, Update direct deposit and tax withholding elections, View copies of the previous 5 years' Form 1099-R.