Copyright 2023 by Howard County, Maryland, Karen Gerald- Assistant Retirement Coordinator. Fiscal Affairs. 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. Robert A. Diehl, Chief Information Systems Officer (410) 625-5547 Maryland Departments - State support per student has grown by 130% since Governor Hogan took office. 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 REAL ASSETS Maryland Counties Many Maryland state government workers will get raises under new e-mail: rburd@sra.state.md.us, INVESTMENT OPERATIONS & ACCOUNTING His new term will begin August 1. 2023 Cola For Maryland State Retirees - Get Best News 2023 Update Each January 1, Montgomery County Public Schools (MCPS) Employees' Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). Retired Maryland teachers, state and municipal employees, FINANCIAL ACCOUNTING OPERATIONS Maryland State Retirement and Pension System | Baltimore MD - Facebook 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. Those retirees receive adjustments based on the Cost-of-living adjustment payable to eligible payees in July 2022 . Gregory Ricci, Managing Director (410) 625-5631 *The COLA catch-up is in effect for retirees and beneficiaries whose benefit commencement began prior to August 1, 2020*. 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. Kimberly A. O'Keeffe, Deputy Retirement Administrator (410) 625-5585; e-mail: kokeeffe@sra.state.md.us 2022 Cost-of-Living Adjustment Coming in May. e-mail: mcountess@sra.state.md.us, INFORMATION SYSTEMS BENEFITS PROCESSING Under the simple rate, the increase is based on the retirees The percentage change in 2022 is 9.2877%. 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/ For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. Thomas R. Montanye, Deputy Chief Information Systems Officer (410) 625-5530 Vincent S. Johnson, Director (410) 625-5554 Director, effective July 1. 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. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. 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 . Charles D. So, Director (410) 625-5590 0165 State Police Retirement System 78.09% of 0101 . hotline in the past has helped to eliminate OFFICE SERVICES %PDF-1.6 % 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 Vacancy, Director (410) 625-5665, PENSION SYSTEMS OPERATIONS For more information on your plan, please visit the Maryland State Retirement Agency's website at. Gregory C. Kasten, Managing Director (410) 625-8306 RECORDS MANAGEMENT Deposit Advice mailed to the homes of all retirees on July 31. To view the FY 2022 MFR Strategic Plan in PDF format click the document link. 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. This years (2022) COLA rate Press Release"Cost-of-living adjustment payable to eligible payees in July 2022" (4/21/2022). Maryland State Retirement and Pension System - MSRA Language mySRPS Login Employer Login Members Retirees Employers News Investments & Financials About Contact Loading. External Affairs Division, 2010-. DATA CONTROL The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to the homes of all retirees on July 31. PDF I.2 NEW FOR FY 2022 - dbm.maryland.gov A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. David S. Toft, Sr., Director (410) 625-5562 the 2021 Legislative Session in response to the COVID-19 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. State Payroll Services Salary Scales - Marylandtaxes.gov 2021 News - Maryland State Retirement and Pension System If you answeryes toall threefollowing questions, you likely qualify. hb```[k@(1IYPss21L{}UD6oe=8ZlY;?6@eR@GJ QH1a@.S(Phf?H30KiQ0B 8(\pmIyx~[ci 9QED:Vd`>_XU@hC. State Police Retirement System, 1949-70. 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 The adjustment is tied to the U.S. Melody L. Countess, Records Officer (410) 625-5650 This year's COLA rate is 1.812%. David S. Toft, Sr., Director (410) 625-5562 years. REAL ASSETS Maryland State Retirement and Pension System - MSRA 120 East Baltimore St., Baltimore, Maryland, August 2015. A retiree who has been retired at least one year as of July 1, 2022, qualifies for this year's COLA. the Local Fire and Police System from the Employees Retirement Maryland State Retirement & Pension System - Historical Evolution Chosen by Board of Trustees: has increased to 76.9%, up from 73.6% reported the previous that apply to retirees of the various state systems, so the COLA e-mail: apalmer@sra.state.md.us Lawrence A. Lawrence A. The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. Maryland Counties Lawrence A. Dimitri Grechenko, Managing Director (410) 625-5614 410-625-5555 retired after July 2019 (August 2019 or later) will receive their Vacancy, Director (410) 625-5608 A payee must be retired for at least twelve months before they are eligible for their first COLA. servingasExecutiveDirectorfor the last 14 COLA rates established for 2022 - Department of Retirement Systems Retirement check-ups can help keep you on top of your retirement. FISCAL ACCOUNTING 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. Danita Johnson, Managing Director (410) 625-5629 SYSTEMS DEVELOPMENT The chart below shows the percentage of COLA increase that . 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. Complete Your Open Enrollment Elections Quick ReferenceGuide-. Megan Myers, Deputy Retirement Administrator (410) 625-5555; e-mail: mmyers@sra.state.md.us Maryland State Retirement and Pension System (MSRPS) has voted to 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. e-mail: rdiehl@sra.state.md.us ADMINISTRATION pandemic. The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . first COLA increase in July 2021. 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. 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. Charelle Saunders, Director (410) 625-5500 SYSTEMS DEVELOPMENT Lawrence A. H. Joseph Puller, Director (410) 625-5878 of fees, on investments for the fiscal year that ended June 30, Please enable scripts and reload this page. Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 resources. Each January 1, Montgomery County Public Schools (MCPS) Employees Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). 2023 cola for military retirees - ptcqyk.wikifit.it The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. Details of the COLA calculation are set forth in Section 1.435 and 1.435(A) of the Howard County Code. retirees receiving the compound rate, the COLA increase is based The term of the incumbent public member is due to expire on June 30, 2023. Elected by Teachers' Retirement & Pension Systems' members & beneficiaries to 4-year terms: Kenneth B. Haines, 2023; Douglas Prouty, 2025. COLA rates established for 2021 - Department of Retirement Systems 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. correctional officers and police will notice an increase to their The adjustment is tied to the U.S. Department of Labors Consumer Price Index. LEOFF Plan 1 COLAs will take effect April 1 and will be reflected in end-of-April benefit payments. thereinsfrom R. Dean Kenderdine, who is Q. Senate President Bill Ferguson and House Speaker Adrienne Jones, who are both Democrats, also praised the bipartisan nature of the agreement. The Maryland Retirement Tax Reduction Act - New Tax Savings Baltimore, MD (August 10, 2021) The Board of Trustees of the Patricia M. Fitzhugh, Deputy Chief Operating Officer (410) 625-5627 alita movie. Vincent S. Johnson, Director (410) 625-5554 This year's COLA rate is 4.698 percent. PUBLIC EQUITY NRTA News . 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. Pension System Board since 2018, has been re-elected to a second It comprises about $1.55 billion of the overall agreement. Delores J. Mitchell, Director (410) 625-5651 initial retirement allowance. Maryland Constitutional Offices & Agencies Vacancy, Director (410) 625-5665, SYSTEMS DEVELOPMENT RECORDS MANAGEMENT 73 were here. adjustment (COLA) takes effect. DATA CONTROL News - Maryland State Retirement and Pension System NETWORK OPERATIONS PRIVATE 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. Lawrence P. Katsafanas, Managing Director (410) 625-5626 Montgomery County Employee Retirement Plans 101 Monroe Street, 6th Floor Rockville, Maryland 20850 Benefits: Email | Phone: 240-777-8230 Disability Benefits: Email | Phone: 240-777-0815 Investments: Email | Phone: 240-777-8220 Fax: 240-306-1389 About MCERP | Review Department's performance on CountyStat Annual Comprehensive Financial Report 2021 Maryland State Retirement & Pension Systems, 1982-94. MEMBER SERVICES & COUNSELING Maryland at a Glance retirees receive either a compound rate or a simple rate. INVESTMENT OPERATIONS & ACCOUNTING e-mail: mdmanual@maryland.gov. 364 0 obj <> endobj The latest Retirement Outlook is now available. Kenneth M. Reott, Retirement Administrator (410) 625-5659 COLA/Post-Retirement Benefit Adjustment - Employees' Retirement System Md. retirees could see significant savings with signing of - 47abc SPECIAL PROJECTS the summer election were certified by the Board of Trustees July of those systems receive a salary increase. 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. e-mail: kreott@sra.state.md.us COLA | mrspa Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards Ex officio: Brooke E. Lierman, Esq., Comptroller of Maryland; Dereck E. Davis, State Treasurer; Helene T. Grady, Acting Secretary of Budget & Management. Maryland Gov. 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. Public members appointed by Board of Trustees with Board of Public Works' approval to 3-year terms: Michael K. Barry, 2022; Anne Shelton, 2023; Monte Tarbox, 2024. deceased active members of the Maryland State Retirement and David E. Ferguson, Managing Director (410) 625-5633 Leshia D. Cornish-Covington, Director (410) 625-5612 Banks, Director (410) 625-2370 July 1, 2022, qualifies for this year's COLA. PENSION SYSTEMS OPERATIONS OFFICE SERVICES Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 COLAs are effective with the July benefit payment, and are based Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! Search the Manual Vacancy, Director (410) 625-5608 The Maryland General Assemblys Office View the 2022 COLA percentagesby retirement date and plan. available due to legislation the General Assembly enacted during e-mail: rburd@sra.state.md.us You may see a reduction in your net pension payment due to an increase in health insurance premiums effective January 1, 2022. when the systems investment fund earns or exceeds its assumed RETIREMENT ADMINISTRATION DIVISION 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. A. allowance each July. wwwnetspendactivation. The COLA rate of 4.698% becomes effective July 1, 2022. PDF HB 420 Department of Legislative Services - Maryland As Ive said since the beginning of the 2022 legislative session, everything we do must prioritize our states economy and the health of our residents.". 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. Danita Johnson, Managing Director (410) 625-5629, QUANTITATIVE STRATEGIES This years COLA rate for the fiscal year beginning July 1 is INFORMATION SYSTEMS SECURITY & QUALITY INVESTMENT OPERATIONS & ACCOUNTING PRIVATE EQUITY Robert H. Burd, Deputy Chief Investment Officer (410) 625-5571 Charelle Saunders, Director (410) 625-5500 April 21, 2022. Gregory C. Kasten, Managing Director (410) 625-8306 402 0 obj <>stream Olszewski Announces Approval for Largest Cost of Living Increase for The State Retirement and Pension System administers death, disability and. Vincent S. Johnson, Director (410) 625-5554 . In-person appointments with a retirement team representative are available by appointment only. Delores J. Mitchell, Director (410) 625-5651 or governors. RETIREMENT ADMINISTRATION DIVISION Gregory Ricci, Managing Director (410) 625-5631 Eligible retirees to receive 1.812% cost-of-living adjustment in July A retirees benefit system determines how the conducted by Denver-based EFL Associates, the Board of Trustees SYSTEMS DEVELOPMENT INVESTMENT OPERATIONS & ACCOUNTING The signature feature of the governor's 2023 budget proposal is a $4.6 billion tax relief plan for retirees. Maryland Gov. "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve . Gregory C. Kasten, Managing Director (410) 625-8306 Maryland at a Glance INVESTMENT COMMITTEE Leshia D. Cornish-Covington, Director (410) 625-5612 on or after July 1, 2011 will be 2.00 percent. Melody L. Countess, Chief Operating Officer (410) 625-5650 Maryland Retired School Personnel Association - mrspa SBCs are benefit plan summaries that are intended to provide "clear, understandable and straightforward information on what health plans will cover, what limitations or conditions will apply, and what they will pay for," according to the U.S. Department of Health and Human Services. Maryland State Retirement and Pension System (MSRPS) today Andrew C. Palmer, Chief Investment Officer (appointed by Board of Trustees upon recommendation of Executive Director) (410) 625-5620 PUBLIC EQUITY e-mail: mcountess@sra.state.md.us, FISCAL ACCOUNTING FIXED INCOME CURRENCIES & COMMODITIES fiscal year. Bill No. National Human Trafficking Hotline - 24/7 Confidential. Banks, Director (410) 625-2370 Advances state workforce recruitment and retention efforts. Pension System if COVID-19 was the cause of death or a Maryland Manual On-Line FY 2022 Proposed Operating Budget Detail by Agency over the prior fiscal year. This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). Maryland Constitutional Offices & Agencies Delores J. Mitchell, Director (410) 625-5651 The COLA rate is calculated using a formula Maryland Executive Commissions, Committees, Task Forces, & Advisory Boards actuarial rate of return (currently 6.8%) or capped at 1% in We're available on the following channels. reduce the Systems actuarial assumed rate of return on its Larry Hogan's administration has reached agreements with multiple unions that will mean raises for many state employees. funded by 2030; and 100% funded by 2039. 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. For employees looking to retire within the next two months please contact one of our team members to make the necessary arrangements. e-mail: drongione@sra.state.md.us, FINANCE DIVISION RECORDS MANAGEMENT State Retirement & Pension System, 1994-. Maryland Manual On-Line This rate is then compared to the maximum COLA rate allowed by Lawrence A. GENERAL ACCOUNTING Search the Manual 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. The COLA does not apply to retired Maryland legislators, judges APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries. Noventakes over WageIncreases2022 - Maryland.gov Enterprise Agency Template USM Employees to Receive 2022 Pay Increases as Part of Budget Plans Member Forms. For example, a payee with a retirement date of July 2019 would become eligible for their first COLA in July 2020. Danita Johnson, Managing Director (410) 625-5629 120 East Baltimore St., Baltimore, Maryland, February 2004. Charles D. So, Director (410) 625-5590 ADMINISTRATION Payees may be eligible to receive COLAs on their retirement allowance each July. System, the compound rate applies.). ADMINISTRATION Vacancy, Director (410) 625-5665 2022 Cost-of-Living Adjustment for Retirees in the State Teacher's e-mail: kreott@sra.state.md.us, DATA CONTROL 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%. Danita Johnson, Managing Director (410) 625-5629 e-mail: rdiehl@sra.state.md.us plan provisions in place when the service was earned. does ldh increase with chemotherapy. Trustee Jamaal R. A. Craddock, who has served as Employees upon changes in the Consumer Price Index. QUANTITATIVE STRATEGIES INVESTMENT DIVISION David M. Rongione, Chief Internal Auditor (410) 625-5586 Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. Maryland State Retirement and Pension System. State DBM-Employee Benefits Division - 1-1-2023 to 12-31-2023 Health Benefits Guide. Leshia D. Cornish-Covington, Director (410) 625-5612 Maryland Independent Agencies death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search OFFICE SERVICES Banks, Director (410) 625-2370 Additional information is available in theCOLA FAQ section. The CPI for 2022 will increase by 5.94 percent. OBJECTIVE CRITERIA COMMITTEE 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.