MEMBER SERVICES & COUNSELING 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. 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. PRIVATE EQUITY Dimitri Grechenko, Managing Director (410) 625-5614 PENSION SYSTEMS OPERATIONS July 1, 2022, qualifies for this year's COLA. 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. correctional officers and police will notice an increase to their David M. Rongione, Chief Internal Auditor (410) 625-5586 It is not necessary for agencies to submit duplicate requests to the Office . 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. of fees, on investments for the fiscal year that ended June 30, LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Maryland Municipalities BENEFITS PROCESSING SPECIAL PROJECTS 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. FAQs. Vincent S. Johnson, Director (410) 625-5554 Questions? Service earned before July 1, 2011, receives a COLA based on the Delores J. Mitchell, Director (410) 625-5651 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . Lawrence P. Katsafanas, Managing Director (410) 625-5626 e-mail: mdmanual@maryland.gov. Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES Who qualifies to receive the COLA this July? Maryland Universities & Colleges This is a noticeable increase from the 2021 COLA REAL ASSETS This web site is presented for reference purposes under the doctrine of fair use. retired at least one year as of July 1 to be eligible to receive Search the Manual 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). e-mail: tmontanye@sra.state.md.us Danita Johnson, Managing Director (410) 625-5629 H. Joseph Puller, Director (410) 625-5878 adjustment (COLA) takes effect. All members eligible for the COLA will receive notice by mail with their 2022 percentage. INVESTMENT OPERATIONS & ACCOUNTING INVESTMENT DIVISION first COLA. The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. David E. Ferguson, Managing Director (410) 625-5633 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 at a Glance 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 INFORMATION SYSTEMS SECURITY & QUALITY State Police Retirement System, 1949-70. 2022 Cost-of-Living Adjustment Coming in May. The fiscal year earnings far exceeded the Systems 7.40% PUBLIC EQUITY 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. e-mail: sra@sra.state.md.us RETIREMENT ADMINISTRATION DIVISION 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%. Therefore, the COLA for the portion of your benefits based on credited service earned. REAL ASSETS A. JavaScript is required to use content on this page. reduce the Systems actuarial assumed rate of return on its Charles D. So, Director (410) 625-5590 SPECIAL PROJECTS INVESTMENT OPERATIONS & ACCOUNTING This cap does not apply to does ldh increase with chemotherapy. Leshia D. Cornish-Covington, Director (410) 625-5612 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. Kenneth M. Reott, Retirement Administrator (410) 625-5659 His new term will begin August 1. Kenneth M. Reott, Retirement Administrator (410) 625-5659 e-mail: mcountess@sra.state.md.us, INFORMATION SYSTEMS For additional information, please visit the Maryland State Retirement Agency website. Lawrence A. 0165 State Police Retirement System 78.09% of 0101 . Maryland Departments Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 Please enable JavaScript in your browser. Deposit Advice mailed to the homes of all retirees on July 31. Maryland Retirement Income Form. Baltimore, MD (August 10, 2021) The Board of Trustees of the *The COLA catch-up is in effect for retirees and beneficiaries whose benefit commencement began prior to August 1, 2020*. to be retired for at least twelve months before becoming eligible Leshia D. Cornish-Covington, Director (410) 625-5612 e-mail: rburd@sra.state.md.us, INVESTMENT OPERATIONS & ACCOUNTING Maryland Constitutional Offices & Agencies when the systems investment fund earns or exceeds its assumed The COLA does not apply to retired Maryland legislators, judges 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. 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. State DBM-Employee Benefits Division - 1-1-2023 to 12-31-2023 Health Benefits Guide. 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. Maryland Manual On-Line Maryland Municipalities RECORDS MANAGEMENT %%EOF Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 David E. Ferguson, Managing Director (410) 625-5633 Maryland Departments Please note that pension information is specific to the Frederick County Employees Retirement Plan and does not apply to county employees who participate in the State of Maryland Retirement System. ADMINISTRATION e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Melody L. Countess, Records Officer (410) 625-5650 Lawrence P. Katsafanas, Managing Director (410) 625-5626 e-mail: kreott@sra.state.md.us, DATA CONTROL Banks, Director (410) 625-2370 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. Thomas M. Brandt, Jr.; Jamaal R. A. Craddock; Kenneth B. Haines; Michael J. Howard; Robert F. Sandlass, Jr. CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE NETWORK OPERATIONS has increased to 76.9%, up from 73.6% reported the previous All in all, a record $7.5 billion will be invested in Maryland's public school system this year. The CPI for 2022 will increase by 5.94 percent.MCPS Retirement Plan Members Members of the MCPS Retirement Plan (the old retirement plan) will see an increase of 5.94 percent in their gross pension payment in 2022. 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 . Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Lawrence P. Katsafanas, Managing Director (410) 625-5626 All rights reserved. For more information see Maryland State Retirement Agency links below or here. A Van A. Lewis, Director (410) 625-5655 e-mail: mcountess@sra.state.md.us, RECORDS MANAGEMENT SYSTEMS DEVELOPMENT Gregory Ricci, Managing Director (410) 625-5631 Copyright 2023 NBCUniversal Media, LLC. affordable 55 and older apartments for rent near illinois. 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 . or governors. Price Index (CPI) for the most recent calendar year ending 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. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. External Affairs Division. for their first COLA in July 2020. Gregory C. Kasten, Managing Director (410) 625-8306 Search the Manual PUBLIC EQUITY This years COLA rate for the fiscal year beginning July 1 is OFFICE SERVICES the correct adjustment to each individual retirement allowance. e-mail: mcountess@sra.state.md.us, OFFICE SERVICES LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Banks, Director (410) 625-2370 New! Lawrence A. Maryland Universities & Colleges The bill allows for eligible employees to make a one-time . Maryland Independent Agencies 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. The COLA rate of 4.698% becomes effective July 1, 2022. Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards Noventakes over State Retirement & Pension System, 1994-. A payee does not need Vacancy, Director (410) 625-5665 Danita Johnson, Managing Director (410) 625-5629, PUBLIC EQUITY FIXED INCOME CURRENCIES & COMMODITIES Charelle Saunders, Director (410) 625-5500 provided in state law and is based on the change in the Consumer Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us e-mail: tmontanye@sra.state.md.us announced that its portfolio returned a record-setting 26.7%, net OFFICE SERVICES The adjustment is tied to the U.S. Department of Labors Consumer Price Index. Hogan and the legislature's presiding officers plan to hold a bill signing ceremony later this week. Leshia D. Cornish-Covington, Director (410) 625-5612 year as of July 1, 2020 qualifies for this years COLA. 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. Jones, of Baltimore County, said the House started the session with the goal of helping Marylanders left behind in the post-pandemic recovery. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards 1% COLA, 2 - 4% increment, $1,500 bonus - FY 23 - 3% COLA, 2 - 4% increment . Trustee Jamaal R. A. Craddock, who has served as Employees Q. Photo by Diane F. Evartt. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us the 2021 Legislative Session in response to the COVID-19 The 2022-2023 mini grant application period is now closed. Chosen by Board of Trustees: Results of Lawrence P. Katsafanas, Managing Director (410) 625-5626 e-mail: mcountess@sra.state.md.us, GENERAL ACCOUNTING Legislative Pension Plan become effective whenever active members 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. Payees may be eligible to receive COLAs on their retirement allowance each July. e-mail: kreott@sra.state.md.us NRTA News . Department of Personnel, State Police Retirement System, 1970-82. Maryland Counties Rachel S. Cohen, Principal Counsel (410) 625-5684 INVESTMENT OPERATIONS & ACCOUNTING A. 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. allowance each July. RECORDS MANAGEMENT Ajibola Akintola, Director (410) 625-5555 Vacancy, Director (410) 625-5608 120 East Baltimore St., Baltimore, MD 21202 - 1600 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 PRIVATE EQUITY Danita Johnson, Managing Director (410) 625-5629, PRIVATE EQUITY This year's COLA rate for the fiscal year beginning July 1 is 1.234%. DATA CONTROL 1.812%. retirees receiving the compound rate, the COLA increase is based Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. Use tab to navigate through the menu items. The increased monthly benefit will be shown on the Automatic 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. Maryland Constitutional Offices & Agencies Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Retired Maryland teachers, state and municipal employees, INVESTMENT DIVISION The formula used by the state is not the same that Social Security uses. The adjustment is tied to the U.S. 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/ Gregory C. Kasten, Managing Director (410) 625-8306 Member Forms. Gregory C. Kasten, Managing Director (410) 625-8306 PRIVATE EQUITY In addition to the 1% COLA effective January 1, 2022, employees in bargaining units A, B, C, D, F and H, will receive a 1% COLA effective January 31, 2022. Vincent S. Johnson, Director (410) 625-5554 Kenneth M. Reott, Retirement Administrator (410) 625-5659 years. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 OFFICE SERVICES of the Maryland State Retirement and Pension System (MSRPS) today Lawrence A. Vacancy, Director (410) 625-5608 Delores J. Mitchell, Director (410) 625-5651 State Retirement & Pension System. Systems assets to $67.9 billion, an increase of $13.3 billion Maryland Independent Agencies A retiree who has been retired at least one year as of July 1, 2022, qualifies for this year's COLA. A. Contact the Employee and Retiree Service Center (ERSC) by telephone at 301-517-8100 or via email. Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. Ajibola Akintola, Director (410) 625-5555 for the fiscal year which ended June 30, 2021, its funded ratio Retiree News and Notes, July newsletter. Baltimore, MD (August 11, 2021) The Board of Trustees of the 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. Dimitri Grechenko, Managing Director (410) 625-5614 Danita Johnson, Managing Director (410) 625-5629 6mm cartilage earrings. %PDF-1.6 % the summer election were certified by the Board of Trustees July Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us alita movie. web: https://sra.maryland.gov/. line-of-duty death benefit is available to certain families of Thomas M. Brandt, Jr.; James P. Daly, Jr.; Sheila Hill; Michael J. Howard; one vacancy. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Vincent S. Johnson, Director (410) 625-5554 Gregory Ricci, Managing Director (410) 625-5631 REAL ASSETS QUANTITATIVE STRATEGIES 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. 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 term of the incumbent public member is due to expire on June 30, 2023. PENSION SYSTEMS OPERATIONS RETIREMENT ADMINISTRATION DIVISION Lawrence A. System or to retired legislators or judges. deceased active members of the Maryland State Retirement and 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. Payees may be eligible to receive COLAs on their retirement allowance each July. Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. actuarial rate of return (currently 6.8%) or capped at 1% in 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. The signature feature of the governor's 2023 budget proposal is a $4.6 billion tax relief plan for retirees. e-mail: rcohen@sra.state.md.us, INTERNAL AUDIT Vacancy, Director (410) 625-5608, SPECIAL PROJECTS tiktok selfie challenge. retired after July 2019 (August 2019 or later) will receive their Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 Additional information is available in theCOLA FAQ section. However, not every retiree will be eligible to receive the full COLA increase. COLAs are effective with the July benefit payment, and are based 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. December 31, compared to the CPI for the prior calendar year. COLAs for payees of the Judges Retirement System or the Gregory C. Kasten, Managing Director (410) 625-8306 Charles D. So, Director (410) 625-5590 Who qualifies to receive the COLA this July? Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us Melody L. Countess, Records Officer (410) 625-5650 Baltimore, MD (Jan. 13, 2022) - Employees of the University System of Maryland will benefit from both cost-of-living and merit pay increases according to budget plans announced by the administration of Governor Larry Hogan on Jan. 4, 2022. Copyright 2023 by Howard County, Maryland, Karen Gerald- Assistant Retirement Coordinator. 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. INFORMATION SYSTEMS SECURITY & QUALITY 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 Independent Agencies FISCAL ACCOUNTING The funds performance raised the reported that due to the Systems extraordinary earnings of 26.7% Larry Hogan's administration has reached agreements with multiple unions that will mean raises for many state employees. Maryland State Retirement and Pension System (MSRPS) today Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. REAL ASSETS RECORDS MANAGEMENT The System is on track to be 80% funded by 2026; 85% Danita Johnson, Managing Director (410) 625-5629 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. The latest Retirement Outlook is now available. To view the FY 2022 MFR Strategic Plan in PDF format click the document link. 2018 would become eligible for their first COLA in July 2019. David E. Ferguson, Managing Director (410) 625-5633 Photo by Diane F. Evartt. April 21, 2022. The COLA rate of 4.698% becomes effective July 1, 2022. 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). Every July 1, a Cost-of-Living Adjustment (COLA) is added to the monthly benefit of each retiree and beneficiary who has been in pay status for 12 months or more. Danita Johnson, Managing Director (410) 625-5629, REAL ASSETS The last two years of the pandemic have shown the cracks in our states civic infrastructure, Ferguson, of Baltimore, said. e-mail: mcountess@sra.state.md.us, BUDGET & CONTRACTS BENEFITS PROCESSING QUANTITATIVE STRATEGIES initial retirement allowance. Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 402 0 obj <>stream Privacy and Security Policies. QUANTITATIVE STRATEGIES February 16, 2022 Baltimore County. Charelle Saunders, Director (410) 625-5500 View the 2022 COLA percentagesby retirement date and plan. 502R. The plan includes the Work Opportunity Tax Credit to incentivize employers and businesses to hire and retain workers from underserved communities that have faced significant barriers to employment. A payee must be retired COLA rates established for 2022 Posted on March 14, 2022 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. If you need help logging into mypenpay,call system support at (866) 471-0368. This years (2022) COLA rate Press Release"Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). available due to legislation the General Assembly enacted during
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