Retirement benefit for members of the Maryland State Employee’s Pension System
The state has reinstated the match program effective July 1, 2023, providing an opportunity for even greater retirement savings. If you are a participating member of the Maryland State Employee’s Pension System, you can take advantage of this program by contributing to any USM Supplemental Retirement Account (SRA) administered by TIAA, Fidelity, or MSRP Nationwide.
Members of the following plans are NOT eligible:
Employees in the Teachers’ Retirement/Pension Systems
Employees in the Law Enforcement Officers’ Pension System
Employees in the Optional Retirement Plan (ORP) with Fidelity or TIAA
Employees in the Employees’ Retirement System
Under this program, if eligible, the State will match your eligible deferrals/contributions to the following plans:
- TIAA 457(b), 403(b), or 403(b) ROTH
- Fidelity 457(b), 403(b), or 403(b) ROTH
- MSRP Nationwide 457(b), 457(b) ROTH, 401(k), or 403(b)
For every dollar you defer or contribute, the State will contribute a dollar on your behalf, up to a maximum of $600 each fiscal year.
If you are already contributing to an SRA, there’s nothing further you need to do to receive the match. You can easily keep track of this account by accessing your vendor’s web portal.
If you are a participant in the Employee’s Pension System, you can open a USM Supplemental Retirement Account to take advantage of this benefit.
For more details on enrolling, please visit our Retirement Benefits Webpage and scroll down to Voluntary Supplemental Retirement Plans.
Check out this FAQ document for more information Click here
If you have any questions, please reach out to the HR Benefits Team at hrbenefits@towson.edu.
Tags: Office of Human ResourcesCategorised in: General
This post was written by Lam, Irene M.