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David E. Ferguson, Managing Director (410) 625-5633 Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Contact the Employee and Retiree Service Center (ERSC) by telephone at 301-517-8100 or via email. e-mail: drongione@sra.state.md.us, FINANCE DIVISION PUBLIC EQUITY Elected by Teachers' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Kenneth B. Haines, 2023; Douglas Prouty, 2025. INFORMATION SYSTEMS SECURITY & QUALITY Vacancy, Director (410) 625-5665 Q. The chart below shows the percentage of COLA increase that . INVESTMENT OPERATIONS & ACCOUNTING When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PUBLIC EQUITY Baltimore, MD (August 10, 2021) The Board of Trustees of the CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE, Maryland Constitutional Offices & Agencies, Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards. PENSION SYSTEMS OPERATIONS The COLA rate is calculated using a formula Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us monthly retirement benefit in July as the annual cost-of-living New! Call: 240-740-3000 | Spanish Hotline: 240-740-2845E-mail: ASKMCPS@mcpsmd.org, Call: 301-517-8100 | E-mail: ersc@mcpsmd.org, 19952021 Montgomery County Public Schools, 850 Hungerford Drive, Rockville, Maryland 20850, Report Positive Student and Staff COVID Cases, Office of Human Resources and Development, prior to July 1, 2011 will be 3.00 percent, and. David S. Toft, Sr., Director (410) 625-5562 Gregory Ricci, Managing Director (410) 625-5631 The System is on track to be 80% funded by 2026; 85% PENSION SYSTEMS OPERATIONS funded by 2030; and 100% funded by 2039. a $59 million increase over FY 2022. Delores J. Mitchell, Director (410) 625-5651 "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve . reported that due to the Systems extraordinary earnings of 26.7% RETIREMENT ADMINISTRATION DIVISION adjustment (COLA) takes effect. Local Fire and Police System. Advances state workforce recruitment and retention efforts. PUBLIC EQUITY Summary:As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. FISCAL ACCOUNTING e-mail: rcohen@sra.state.md.us, INTERNAL AUDIT Members will see the COLA beginning with their July 31, 2022 pension check/deposit. Copyright 2023 NBCUniversal Media, LLC. Melody L. Countess, Records Officer (410) 625-5650 Service earned before July 1, 2011, receives a COLA based on the 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. state law for the various Maryland retirement plans to determine The fiscal year earnings far exceeded the Systems 7.40% Lawrence A. of those systems receive a salary increase. FAQs. upon changes in the Consumer Price Index. REAL ASSETS 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. Banks, Director (410) 625-2370 Lawrence P. Katsafanas, Managing Director (410) 625-5626 MEMBER SERVICES & COUNSELING Leshia D. Cornish-Covington, Director (410) 625-5612 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. RETIREMENT ADMINISTRATION DIVISION 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 Executive Commissions, Committees, Task Forces, & Advisory Boards Maryland Independent Agencies If you or your covered dependents are eligible for Medicare, you may have additional options for prescription drug coverage through the Medicare prescription drug plans (Part D) that became available January 1, 2006. MEMBER SERVICES & COUNSELING e-mail: mcountess@sra.state.md.us, BUDGET & CONTRACTS OFFICE SERVICES It also will maintain a record level of funding in the state's Rainy Day Fund. that years increase. 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 web site is presented for reference purposes under the doctrine of fair use. 95-17 created the Anne Arundel County Employee Retirement Savings Plan. Elected by Employees' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Sheila Hill, 2023; Jamaal R. A. Craddock, 2025. tiktok selfie challenge. H. Joseph Puller, Director (410) 625-5878 You will receive a COLA for Fiscal Year 2022 if your retirement or DROP entry date is on or before June 30, 2021. years. February 16, 2022 Baltimore County. (For retirees who transferred into The COLA does not apply to retired Maryland legislators, judges first COLA. OBJECTIVE CRITERIA COMMITTEE Maryland Municipalities QUANTITATIVE STRATEGIES This year, the COLA rate does not exceed any of the rate caps four-year term by members and retirees of the System. Vacancy, Director (410) 625-5608, Search the Manual Delores J. Mitchell, Director (410) 625-5651 Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. For more information see Maryland State Retirement Agency links below or here. Legislative Pension Plan become effective whenever active members A member must be This years COLA rate for the fiscal year beginning July 1 is SYSTEMS DEVELOPMENT MEMBER SERVICES & COUNSELING 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. 2020 to Kurt Stolzenbach at DBM: kurt.stolzenbach@maryland.gov, copying your budget analyst at OBA. SPECIAL PROJECTS State Retirement & Pension System, 1994-. Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards Payees may be eligible to receive COLAs on their retirement allowance each July. Danita Johnson, Managing Director (410) 625-5629, PUBLIC EQUITY ADMINISTRATION INFORMATION SYSTEMS SECURITY & QUALITY The following conditions must be met to qualify for this special For more information on your plan, please visit the Maryland State Retirement Agency's website athttps://sra.maryland.gov/retirees, https://sra.maryland.gov/post/eligible-retirees-receive-1234-cost-living-adjustment-july, 8379 Piney Orchard Parkway, Suite A 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. H. Joseph Puller, Director (410) 625-5878 Charles D. So, Director (410) 625-5590 Please enable JavaScript in your browser. Thomas M. Brandt, Jr.; Jamaal R. A. Craddock; Kenneth B. Haines; Michael J. Howard; Robert F. Sandlass, Jr. CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE Delores J. Mitchell, Director (410) 625-5651 e-mail: rdiehl@sra.state.md.us e-mail: rburd@sra.state.md.us Retiree Income Tax Credit. Videos by Topic Loading. SPECIAL PROJECTS 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. Under the deal, 80% of Maryland retirees will get substantial tax relief or pay no state income taxes at all, the governors office said. ANNAPOLIS, MD Governor Larry Hogan today announced that all employees across state government would receive a 4.5% cost of living adjustment (COLA )increase effective November 1, 2022as part of a series of measures to enhance statewide workforce recruitment and retention efforts. The COLA does not apply to retired Maryland legislators, judges or governors. Who qualifies to receive the COLA this July? INVESTMENT DIVISION Dimitri Grechenko, Managing Director (410) 625-5614 RECORDS MANAGEMENT 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/ Vincent S. Johnson, Director (410) 625-5554 Department of Personnel, State Police Retirement System, 1970-82. Members Retirees Employers Make an Appointment Benefit Handbooks Retirement Estimators Board of Trustees Investment & Financial Reports Loading. hotline in the past has helped to eliminate Gregory C. Kasten, Managing Director (410) 625-8306 Danita Johnson, Managing Director (410) 625-5629 SPECIAL PROJECTS Kenneth M. Reott, Retirement Administrator (410) 625-5659 SPECIAL PROJECTS Melody L. Countess, Chief Operating Officer (410) 625-5650 Chosen by Board of Trustees: Chosen by Board of Trustees: Maryland Manual On-Line Lawrence P. Katsafanas, Managing Director (410) 625-5626 GRS NETWORK OPERATIONS The adjustment is tied to the U.S. Department of Labors Consumer Price Index. ADMINISTRATION retired after July 2019 (August 2019 or later) will receive their 120 East Baltimore St., Baltimore, Maryland, February 2004. Maryland Departments For 457b Plan participants, after you retire you can deal . Bill No. Privacy and Security Policies. resources. NETWORK OPERATIONS for each eligible retiree will be based on the COLA rate of Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. The COLA rate of 4.698% becomes effective July 1, 2022. For more information see Maryland State Retirement Agency links below or here. Vincent S. Johnson, Director (410) 625-5554 (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 April 21, 2022. Maryland State Retirement Agency; Maryland State Treasurer's Office; Maryland Tax Court; . 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. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. Retirees 65 years old and older that make up to $100,000 . Leshia D. Cornish-Covington, Director (410) 625-5612 deceased active members of the Maryland State Retirement and Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS . 73 were here. 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). The percentage change in 2022 is 9.2877%. retirees receiving the compound rate, the COLA increase is based 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. COLAs are effective with the July benefit payment, and are based A retiree who has been retired at least one H. Joseph Puller, Director (410) 625-5878 Those who RECORDS MANAGEMENT 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. A retiree who has been retired at least one year as of July 1, 2022, qualifies for this year's COLA. Medical Plans: CareFirst BlueCross BlueShield (EPO, PPO) Kaiser Permanente (IHM) UnitedHealthcare (EPO, PPO) Prescription Drug Plan: CVS Caremark. announced thatMartin Noven,ofIllinois,has e-mail: rburd@sra.state.md.us Maryland Manual On-Line Danita Johnson, Managing Director (410) 625-5629, REAL ASSETS Price Index (CPI) for the most recent calendar year ending e-mail: mdmanual@maryland.gov, Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 by its independent actuary, Gabriel Roeder Smith & Co. (GRS). The 2022-2023 mini grant application period is now closed. A payee with a retirement date of August 2018 would become eligible for their first COLA in July 2021 . pandemic. Budget - Shows the proposed budget for the agency for FY 2022, the current approriation for FY 2021, and actual expenditures for FY 2020. Maryland Constitutional Offices & Agencies endstream endobj startxref Maryland Gov. MCPS Retirement Plan Members specific terms of their plans. It includes info on the monthly benefit increase with July 2022 COLA. How is the annual COLA increase applied? Lawrence A. DATA CONTROL Systems representative on the Maryland State Retirement and certified the fiscal year 2021 actuarial valuation as presented The State Retirement and Pension System administers death, disability and. annual increase is calculated for his or her payment. Lawrence P. Katsafanas, Managing Director (410) 625-5626 The COLA for benefits based on credited service earned after July 1, 2011, is subject to a 2 percent cap. The signature feature of the governor's 2023 budget proposal is a $4.6 billion tax relief plan for retirees. David E. Ferguson, Managing Director (410) 625-5633 has increased to 76.9%, up from 73.6% reported the previous PENSION SYSTEMS OPERATIONS Maryland Constitutional Offices & Agencies 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. Effective, and revision dates for each set of scales is noted below. The annual COLA is applied according to the yearly Consumer Price Index (CPI). A member must be retired at least one year as of July 1 to be eligible to receive that years increase. Banks, Director (410) 625-2370 David S. Toft, Sr., Director (410) 625-5562 "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.. Maryland Constitutional Offices & Agencies Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards 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. Rachel S. Cohen, Principal Counsel (410) 625-5684 Maryland Independent Agencies Retiree Forms. 1.812%. FIXED INCOME CURRENCIES & COMMODITIES 0 payee with a retirement date of August 2018 would become eligible PLEASE NOTE: The site may contain material from other sources which may be under copyright. line-of-duty death benefit is available to certain families of Charelle Saunders, Director (410) 625-5500 years when this rate is not met. For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. Leshia D. Cornish-Covington, Director (410) 625-5612 Maryland Families The Retirement Tax Reduction Act will phase-in the . Dimitri Grechenko, Managing Director (410) 625-5614 fiscal year. QUANTITATIVE STRATEGIES 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 A payee does not need System, the compound rate applies.). Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. Michael J. Stafford, Jr., Chair (chosen by Board of Trustees). RECORDS MANAGEMENT PRIVATE EQUITY Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us A payee must be retired Maryland Retirement Income Form. 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. Charelle Saunders, Director (410) 625-5500 QUANTITATIVE STRATEGIES 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. contributing cause of death of the member. RECORDS MANAGEMENT The bill allows for eligible employees to make a one-time . 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. 0165 State Police Retirement System 78.09% of 0101 . 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. For additional information, please visit the Maryland State Retirement Agency website. of 24.41 by 230 basis points. death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search FIXED INCOME CURRENCIES & COMMODITIES 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. e-mail: kreott@sra.state.md.us Photo by Diane F. Evartt. PRIVATE EQUITY for at least twelve months before they are eligible for their David E. Ferguson, Managing Director (410) 625-5633 Copyright 2023 by Howard County, Maryland, Karen Gerald- Assistant Retirement Coordinator. Other caps may apply. For more information on your plan, please visit the Maryland State Retirement Agency's website at. assumed actuarial return rate and surpassed its policy benchmark 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 . REAL ASSETS INVESTMENT OPERATIONS & ACCOUNTING e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY NRTA News . Gregory Ricci, Managing Director (410) 625-5631 Banks, Director (410) 625-2370 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. Payees may be eligible to receive COLAs on their retirement allowance each July. Please check back in the Fall of 2023 for further information. Those retirees receive adjustments based on the INVESTMENT DIVISION Disclaimer. David E. Ferguson, Managing Director (410) 625-5633 Director, effective July 1. Van A. Lewis, Director (410) 625-5655 Deposit Advice mailed to the homes of all retirees on July 31. 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. BENEFITS PROCESSING July 1, 2022, qualifies for this year's COLA. Ajibola Akintola, Director (410) 625-5555 Maryland Counties Maryland Universities & Colleges Kenneth M. Reott, Retirement Administrator (410) 625-5659 Vincent S. Johnson, Director (410) 625-5554 Under this subtraction modification, up to a specified maximum amount of taxable pension income ($34,300 for 2021) may be exempt from tax. 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 Under the simple rate, the increase is based on the retirees This year's ( 2022) COLA rate Press Release "Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). Gregory Ricci, Managing Director (410) 625-5631 Kenneth M. Reott, Retirement Administrator (410) 625-5659 SYSTEMS DEVELOPMENT Banks, Director (410) 625-2370 FINANCIAL ACCOUNTING OPERATIONS Elected by State Police Retirement System's members & beneficiaries to 4-year term: Richard E. Norman, 2022. 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . 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 Search the Manual actuarial rate of return (currently 6.8%) or capped at 1% in Gregory C. Kasten, Managing Director (410) 625-8306 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. e-mail: apalmer@sra.state.md.us The Maryland Retirement Tax Elimination Act. This is a noticeable increase from the 2021 COLA. Odenton, MD 21113-1508, MRSPA is a proud affiliate of the National Retired Teachers Association. Richard E. Norman, Chair Charles D. So, Director (410) 625-5590 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. NETWORK OPERATIONS PRIVATE EQUITY OFFICE SERVICES Maryland Departments adjustment (COLA) takes effect. become effective July 1, 2022. REAL ASSETS Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. the summer election were certified by the Board of Trustees July Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. 364 0 obj <> endobj retirees receive either a compound rate or a simple rate. 2018 would become eligible for their first COLA in July 2019. 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. External Affairs Division. If you need help logging into mypenpay,call system support at (866) 471-0368. PRIVATE EQUITY It is not necessary for agencies to submit duplicate requests to the Office . Fiscal Affairs. If you answeryes toall threefollowing questions, you likely qualify. 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 . affordable 55 and older apartments for rent near illinois. Maryland Counties External Affairs Division, 2010-. The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. Vincent S. Johnson, Director (410) 625-5554 e-mail: kreott@sra.state.md.us, DATA CONTROL PUBLIC EQUITY State Employees - Maryland.gov State Employees Benefits Careers Collective Bargaining Contact the Office of Personnel Services & Benefits (OPSB) Emergency Closings Employee Resources Payroll Retirement State Holidays Statewide Phone Directory Online Services Payroll Online Service Center (POSC) Please enable scripts and reload this page. - State support per student has grown by 130% since Governor Hogan took office. The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. fraud and/or abuse of State government LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. GENERAL ACCOUNTING Gregory C. Kasten, Managing Director (410) 625-8306 1% COLA, 2 - 4% increment, $1,500 bonus - FY 23 - 3% COLA, 2 - 4% increment . investments from 7.40% to 6.80%. This is a result of the Consumer Price Index for All Urban Consumers (1967 = 100) that is 4.70% for 2021. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. A Retired Maryland teachers, state and municipal employees, 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. conducted by Denver-based EFL Associates, the Board of Trustees Maryland Departments 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. Maryland Municipalities Claim the subtraction using code letter "v" on Form 502SU. Dental Plans: The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. e-mail: rburd@sra.state.md.us Among those bills is Senate Bill 405, which would provide a tax credit against the state's retiree income tax. The funds performance raised the David M. Rongione, Chief Internal Auditor (410) 625-5586 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. The benefit is now SPECIAL PROJECTS Maryland Universities & Colleges Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. 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. 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. that apply to retirees of the various state systems, so the COLA of fees, on investments for the fiscal year that ended June 30, 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. e-mail: sra@sra.state.md.us Charelle Saunders, Director (410) 625-5500 GENERAL ACCOUNTING Lawrence P. Katsafanas, Managing Director (410) 625-5626 The Systems lower rate will Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 To view the FY 2022 MFR Strategic Plan in PDF format click the document link. SYSTEMS DEVELOPMENT . PRIVATE EQUITY 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. A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. wwwnetspendactivation. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us