Lawrence P. Katsafanas, Managing Director (410) 625-5626 Douglas Prouty, Chair ADMINISTRATION e-mail: kreott@sra.state.md.us Odenton, MD 21113-1508, MRSPA is a proud affiliate of the National Retired Teachers Association. SPECIAL PROJECTS initial retirement allowance. Banks, Director (410) 625-2370 MARYLAND STATE RETIREMENT and PENSION SYSTEM 120 East Baltimore Street Baltimore, Maryland 21202-6700 PRESORTED STANDARD U.S. POSTAGE PAID BALTIMORE, MD . A. Vacancy, Director (410) 625-5608 0 This agreement will deliver on our promise to provide real, long-term relief for hard-working Marylanders dealing with inflation and higher prices, and help create more jobs and more opportunity to continue our strong recovery," Hogan said. line-of-duty death benefit is available to certain families of The COLA rate of 4.698% becomes effective July 1, 2022. Melody L. Countess, Records Officer (410) 625-5650 OBJECTIVE CRITERIA COMMITTEE The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. Melody L. Countess, Records Officer (410) 625-5650 2022 Cost-of-Living Adjustment Coming in May. COLAs are effective with the July benefit payment, and are based Lawrence P. Katsafanas, Managing Director (410) 625-5626 For additional information, please visit the Maryland State Retirement Agency website. The System is on track to be 80% funded by 2026; 85% Trustee members appointed by Board of Trustees: James P. Daly, Jr.; Dereck E. Davis; Sheila Hill; Richard E. Norman; Douglas Prouty; Michael J. Stafford, Jr., two vacancies. deceased active members of the Maryland State Retirement and Finance Division. BENEFITS PROCESSING Delores J. Mitchell, Director (410) 625-5651 retirees receive either a compound rate or a simple rate. A 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. Delores J. Mitchell, Director (410) 625-5651 Complete Your Open Enrollment Elections Quick ReferenceGuide-. Retired Maryland teachers, state and municipal employees, Pension System if COVID-19 was the cause of death or a Maryland Counties 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. REAL ASSETS Gregory Ricci, Managing Director (410) 625-5631 If you answeryes toall threefollowing questions, you likely qualify. Maryland Independent Agencies The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. OFFICE SERVICES FINANCIAL ACCOUNTING OPERATIONS Maryland Departments Gregory C. Kasten, Managing Director (410) 625-8306 adjustment (COLA) takes effect. tiktok selfie challenge. e-mail: tmontanye@sra.state.md.us beenselected astheSystemsnew Executive Price Index (CPI) for the most recent calendar year ending index of leafmailer 2022. free x rated videos. You may see a reduction in your net pension payment due to an increase in health insurance premiums effective January 1, 2022. Maryland Municipalities actuarial rate of return (currently 6.8%) or capped at 1% in The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . champion clothes for men. April 21, 2022. e-mail: drongione@sra.state.md.us, FINANCE DIVISION Rachel S. Cohen, Principal Counsel (410) 625-5684 OFFICE SERVICES on or after July 1, 2011 will be 2.00 percent. This is a noticeable increase from the 2021 COLA David E. Ferguson, Managing Director (410) 625-5633 e-mail: kreott@sra.state.md.us, DATA CONTROL Baltimore, MD (August 11, 2021) The Board of Trustees of the Maryland Universities & Colleges Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. first COLA. Director, effective July 1. For service Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 investments from 7.40% to 6.80%. Maryland Manual On-Line Deposit Advice mailed to the homes of all retirees on July 31. Payees may be eligible to receive COLAs on their retirement allowance each July. retired after July 2019 (August 2019 or later) will receive their 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. REAL ASSETS Pension System Board since 2018, has been re-elected to a second Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us Payees may be eligible to receive COLAson their retirement Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Maryland Constitutional Offices & Agencies QUANTITATIVE STRATEGIES Please contact Retirement Focus should you have any questions or concerns at 833-771-1496. (410) 625-5555; 1-800-492-5909 (toll free); fax: (410) 468-1707 Photo by Diane F. Evartt. e-mail: apalmer@sra.state.md.us Gregory C. Kasten, Managing Director (410) 625-8306 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. PUBLIC EQUITY Service earned before July 1, 2011, receives a COLA based on the 73 were here. Maryland Constitutional Offices & Agencies Vacancy, Director (410) 625-5608 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. of Legislative Audits operates a toll-free 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. Kenneth M. Reott, Retirement Administrator (410) 625-5659 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. announced that its portfolio returned a record-setting 26.7%, net for their first COLA in July 2020. e-mail: rcohen@sra.state.md.us, INTERNAL AUDIT For example, a payee with a retirement date of July Department of Labors Consumer Price Index. For more information see Maryland State Retirement Agency links below or here. Leshia D. Cornish-Covington, Director (410) 625-5612 This year's COLA rate for the fiscal year beginning July 1 is 1.234%. e-mail: rdiehl@sra.state.md.us 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. reported that due to the Systems extraordinary earnings of 26.7% PUBLIC EQUITY The annual COLA is applied according to the yearly Consumer Price Index (CPI). RECORDS MANAGEMENT %PDF-1.6 % Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. 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. Lawrence A. e-mail: mdmanual@maryland.gov, Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 specific terms of their plans. Maryland State Retirement Agency; Maryland State Treasurer's Office; Maryland Tax Court; . Charles D. So, Director (410) 625-5590 Lawrence A. Maryland Constitutional Offices & Agencies NETWORK OPERATIONS COLAs are effective with the July benefit payment, and are based upon changes in the Consumer Price Index. e-mail: rdiehl@sra.state.md.us This years (2022) COLA rate Press Release"Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). 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 retired at least one year as of July 1 to be eligible to receive 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 ADMINISTRATION Maryland at a Glance MD State Tax Withholding(For non-Maryland residents, please contact the Office of Human Resources for the applicable withholding form. Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 the Local Fire and Police System from the Employees Retirement H. Joseph Puller, Director (410) 625-5878 the correct adjustment to each individual retirement allowance. APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries. Banks, Director (410) 625-2370 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. Fiscal Affairs. FISCAL ACCOUNTING You may be trying to access this site from a secured browser on the server. SPECIAL PROJECTS David S. Toft, Sr., Director (410) 625-5562 Maryland Manual On-Line hb```[k@(1IYPss21L{}UD6oe=8ZlY;?6@eR@GJ QH1a@.S(Phf?H30KiQ0B 8(\pmIyx~[ci 9QED:Vd`>_XU@hC. Maryland Independent Agencies Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! 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. Gregory Ricci, Managing Director (410) 625-5631 monthly retirement benefit in July as the annual cost-of-living 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. thereinsfrom R. Dean Kenderdine, who is 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. SPECIAL PROJECTS PENSION SYSTEMS OPERATIONS 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. Danita Johnson, Managing Director (410) 625-5629 Danita Johnson, Managing Director (410) 625-5629, RETIREMENT ADMINISTRATION DIVISION Lawrence P. Katsafanas, Managing Director (410) 625-5626 pandemic. web: https://sra.maryland.gov/. provided in state law and is based on the change in the Consumer Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 GENERAL ACCOUNTING 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. GRS RECORDS MANAGEMENT annual increase is calculated for his or her payment. Jones, of Baltimore County, said the House started the session with the goal of helping Marylanders left behind in the post-pandemic recovery. Chosen by Board of Trustees: INVESTMENT OPERATIONS & ACCOUNTING David S. Toft, Sr., Director (410) 625-5562 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. Gregory Ricci, Managing Director (410) 625-5631 QUANTITATIVE STRATEGIES The benefit is now Local Fire and Police System. 2018 would become eligible for their first COLA in July 2019. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us 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. 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. This year's COLA rate is 4.698 percent. Maryland State Retirement and Pension System. Leshia D. Cornish-Covington, Director (410) 625-5612 David E. Ferguson, Managing Director (410) 625-5633 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. 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. Gregory C. Kasten, Managing Director (410) 625-8306 Leshia D. Cornish-Covington, Director (410) 625-5612 Each January 1, Montgomery County Public Schools (MCPS) Employees Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). Thomas M. Brandt, Jr.; James P. Daly, Jr.; Sheila Hill; Michael J. Howard; one vacancy. e-mail: mcountess@sra.state.md.us, RECORDS MANAGEMENT Q. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. 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. Banks, Director (410) 625-2370 Danita Johnson, Managing Director (410) 625-5629 ADMINISTRATION 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. PENSION SYSTEMS OPERATIONS INFORMATION SYSTEMS INVESTMENT OPERATIONS & ACCOUNTING Department of Personnel, State Police Retirement System, 1970-82. Danita Johnson, Managing Director (410) 625-5629, PUBLIC EQUITY Maryland Constitutional Offices & Agencies The Systems lower rate will Dimitri Grechenko, Managing Director (410) 625-5614 of 24.41 by 230 basis points. e-mail: kreott@sra.state.md.us 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. This form maybe used by taxpayers to report income modifications and credits applicable to tax year 2022 that are enacted after December 31, 2022. Member Forms. Maryland at a Glance INVESTMENT OPERATIONS & ACCOUNTING PRIVATE EQUITY The percentage change in 2022 is 9.2877%. How is the annual COLA increase applied? Copyright 2023 by Howard County, Maryland, Karen Gerald- Assistant Retirement Coordinator. 95-17 created the Anne Arundel County Employee Retirement Savings Plan. To view the FY 2022 MFR Strategic Plan in PDF format click the document link. Eligible 120 East Baltimore St., Baltimore, Maryland, August 2015. Maryland Municipalities Maryland Retirement Income Form. For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. that apply to retirees of the various state systems, so the COLA fiscal year. Delores J. Mitchell, Director (410) 625-5651 0165 State Police Retirement System 78.09% of 0101 . e-mail: apalmer@sra.state.md.us The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. contributing cause of death of the member. JavaScript is required to use content on this page. Lawrence A. The bill allows for eligible employees to make a one-time . PUBLIC EQUITY 1% COLA, 2 - 4% increment, $1,500 bonus - FY 23 - 3% COLA, 2 - 4% increment . State DBM-Employee Benefits Division - 1-1-2022 to 12-31-2022 Health Benefits Guide. Each January 1, Montgomery County Public Schools (MCPS) Employees' Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). Maryland State Retirement & Pension Systems, 1982-94. 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 . Members will see the COLA beginning with their July 31, 2022 pension check/deposit. . Gregory C. Kasten, Managing Director (410) 625-8306 fraud hotline to receive allegations of 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. Thomas M. Brandt, Jr.; Jamaal R. A. Craddock; Kenneth B. Haines; Michael J. Howard; Robert F. Sandlass, Jr. CORPORATE GOVERNANCE & SECURITIES LITIGATION COMMITTEE February 16, 2022 Baltimore County. REAL ASSETS The formula used by the state is not the same that Social Security uses. H. Joseph Puller, Director (410) 625-5878 Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. PUBLIC EQUITY Bill No. 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. New! 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. Who qualifies to receive the COLA this July? MCPS Retirement Plan Members Maryland Counties except the Employees Non-Contributory Pension System and the The State Retirement and Pension System administers death, disability and. DATA CONTROL certain fraudulent activities and protect Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 David S. Toft, Sr., Director (410) 625-5562 years when this rate is not met. It includes info on the monthly benefit increase with July 2022 COLA. Melody L. Countess, Records Officer (410) 625-5650 that years increase. of those systems receive a salary increase. 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. "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve . Search the Manual e-mail: tmontanye@sra.state.md.us, INFORMATION SYSTEMS SECURITY & QUALITY Vincent S. Johnson, Director (410) 625-5554 hbbd```b``9dIE4A$S(d@0&L^O@=d0?M Ra*#oPj BY Melody L. Countess, Records Officer (410) 625-5650 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola . Gregory C. Kasten, Managing Director (410) 625-8306 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. Contact Us. PUBLIC EQUITY Melody L. Countess, Records Officer (410) 625-5650 PENSION SYSTEMS OPERATIONS The increased monthly benefit will be shown on the Automatic It comprises about $1.55 billion of the overall agreement. RECORDS MANAGEMENT For more information on your plan, please visit the Maryland State Retirement Agency's website at. Retiree Income Tax Credit. Search the Manual COLAs may not exceed the CPI. RECORDS MANAGEMENT Systems assets to $67.9 billion, an increase of $13.3 billion When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. 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.
